After SPAC Mania, Electric-Vehicle Startups Face a Cash Squeeze [Business News Network (BNN) (Canada)]
Lordstown Motors Corp. - Class A (RIDE)
Company Research
Source: Business News Network
First Lordstown Motors Corp. said it would back off investing in the tools to build its electric trucks until capital markets loosen up. Two days later, EV Startup Canoo Inc. issued a Going Concern notice to alert investors warning that it could run out of cash. Without more money, some face the real danger of not making it. Those that can raise money could end up paying a lot more for it or just not getting as much as they need. “The story has changed,” said Bloomberg Intelligence analyst Joel Levington. “These companies are burning huge amounts of cash. Every day that the market goes down their liquidity gets more challenged.” The problem, Levington said, is that convertible debt for many of the smaller EV companies with little or no revenue is costing more than 10%. They can't issue much secured debt because they lack hard assets to put up as collateral. With stock prices depressed, issuing equity will be very dilutive to existing shareholders. Canoo is the most recent com
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