RIDE stock (Lordstown motors) files for bk while cash rich
Lordstown Motors (RIDE) will be an interest stock to watch because of its balance sheet.
They are having production issues with their Foxconn partnership which is forcing them to file for bankruptcy.
"Lordstown's move to seek Chapter 11 protection from creditors comes after a dispute with Foxconn over a deal to produce trucks at an assembly plant in Ohio. Lordstown sold its Ohio factory, a former GM plant, to Foxconn in November 2021." source: zero hedge article
They have more value on the balance sheet 190m than in stock market cap (30-44m) at the time of writing this.
Will be a lesson in companies that burn money but have have more tangible assets than market cap.
They are having production issues with their Foxconn partnership which is forcing them to file for bankruptcy.
"Lordstown's move to seek Chapter 11 protection from creditors comes after a dispute with Foxconn over a deal to produce trucks at an assembly plant in Ohio. Lordstown sold its Ohio factory, a former GM plant, to Foxconn in November 2021." source: zero hedge article
They have more value on the balance sheet 190m than in stock market cap (30-44m) at the time of writing this.
Will be a lesson in companies that burn money but have have more tangible assets than market cap.
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