Feb. 17 at 9:44 PM
$WKHS The "good ol' boys" were the ones who created the bogus value proposition of the "next Tesla" in transport EVs, a rolling drone carrier, & then an entirely fake EV "work truck". Hollow enterprises were sold to gullible retail in an environment of overheated Fed stimulus... then the vail of success fell away.
Workhorse and Lordstown Motors between them destroyed roughly
$1B in shareholder value.
These companies were shit.
And Motiv is shit: its primary Investor pushed this merger of failures in a desperate attempt to recoup some of the roughly
$100M he lent to the business by creating access to the biggest potential source of dumb money (second only to governments): publicly-marketed share sales.
Markets can finally see reality: Since the opening on the day of Merger Close, shares have dropped 44%. The merged company has set a new WKHS closing ATL 10 times since the beginning of the year.
And their Credit Agreements call for a
$75M PIPE transaction that'll dilute shares by >100%.
