A state representative said today that Workhorse has the money to buy Lordstown. This is not true. We redacted his name because this isn’t about him, it’s about the investors that are risking their life savings. We do not care about politics, and would like to stay out of it; don’t want the BS
As per their most recent quarterly report, they had 2.8 million in cash
They secured $25 million on May.31st
They have an average cash burn rate of 9.1 million per quarter.
Just a quick browse through LoopNet.com’s advertised industrial properties in Cincinnati and Cleveland should give you an idea of the price tag they are looking at if they did decide to, somehow, buy this gigantic manufacturing plant. It is 6.2 million sq.ft, equal in size to 685 Football Fields. Click the image to see for yourself
The Marathon loan was for INVENTORY PURPOSES — no mention of capex.
Don’t bet the ranch, that’s all we’re saying. It’s a nice trade, but not a nice long term investment, at least not if you are going to bet your life savings. If you want to go big, just know what you are getting into. In the end it is your decision
Included below is our first report. It is more detailed. Anyways, cheers everyone and as always, risk aversion capital preservation over gains
****DISCLAIMER****This is all our opinion, and we are not financial advisers. You should consult a financial adviser before making any financial decision with regard to publicly traded securities, or any security for that matter. You should not use this information as the basis for an investment decision. This company carries an extremely high degree of risk. You should consider this information as similar to personal insight from a peer/friend/acquaintance, and thus it should, obviously, not be the primary source material for basing an investment decision, because, similar to any opinion from a peer/friend/acquaintance, it could be completely and utterly incorrect! Good luck and happy trading everyone****