How Lordstown and Canoo Can Get the Cash They Need to Make EVs [MarketWatch]
Lordstown Motors Corp. - Class A (RIDE)
Company Research
Source: MarketWatch
They need cash that the market doesn't want to give them right now, so their managements will have to get creative. Management teams at Lordstown Motors (ticker: RIDE) and Canoo (GOEV) both said on their first-quarter conference calls that they need to raise more money . The problem is that both stocks are down, a lot. Raising equity at recent levels would badly dilute shareholders. Lordstown CFO Adam Kroll told The Wall Street Journal the company needs to raise roughly $150 million to reach volume production. At current prices, Lordstown would have to issue about 66 million shares, or 33% of the total outstanding. The threat of new stock issuance can create an overhang that drives share prices down, creating a negative spiral. That leaves the possibility of debt finance, but the companies may not have to take that route. “There may be other things that could involve more strategic partners,” Kroll told the Journal. One of the creative things Lordstown has done is create a par
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