short sellers

Carnage grows among transportation startups

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In the world of electric vehicle and autonomous trucking startups, the picture of winners and losers...

https://www.freightwaves.com/news/carnage-grows-among-transportation-startups

Fuel cell truck maker Hyzon Motors increases risk of Nasdaq delisting

Hydrogen fuel cell truck maker Hyzon Motors, subject of a Securities and Exchange Commission investigation, missed filing its third-quarter financial report, putting its stock at greater risk of being delisted from the Nasdaq.

It is the second consecutive quarter that the spinoff of Singapore-based Horizon Fuel Cell Technologies missed the exchange’s deadline for filing its quarterly report. This time, Nasdaq issued three deadlines Hyzon must meet to continue trading.

Nasdaq issues 3 deadlines...

https://www.freightwaves.com/news/fuel-cell-truck-maker-hyzon-motors-increases-risk-of-nasdaq-delisting

Truck Talk: Short sellers and SPACs edition

It is becoming a right of passage for SPAC-sponsored electric vehicle companies to attract short sellers, some with legitimate claims and others out for a quick buck; the Pittsburgh area is embracing autonomous transportation; and Nikola’s greenfield plant in the Arizona desert that attracted trolls only months ago is making electric trucks.

Rise of the takedown artists

Short selling has always been a part of the stock market — borrowing shares and betting a company’s stock price will fall, then...

https://www.freightwaves.com/news/truck-talk-short-sellers-and-spacs-edition

Cash-strapped Nikola expands equity-for-credit line to $600M

Electric truck startup Nikola Corp. is doubling the size of its stock-for-credit line with a private lender to $600 million, enough credit to ramp up production through 2022, the company said Monday.

Nikola (NASDAQ: NKLA) will sell up to $300 million shares to Tumim Stone Capital at a 3% discount and make an up front payment of  252,040 shares worth $3,011,878 at Monday’s closing price of $11.95. The 75 basis points up front and the discount are the same as the terms of the first $300 million...

https://www.freightwaves.com/news/cash-strapped-nikola-expands-equity-for-credit-line-to-600m

Workhorse Group latest electric truck maker under SEC scrutiny

Troubled electric delivery van manufacturer Workhorse Group is the subject of a Securities and Exchange Commission probe, the latest electric truck company drawing scrutiny over short seller allegations of shady business practices.

The investigation surfaced Wednesday as part of a report by Fuzzy Panda, which alleged Workhorse fabricated orders and improperly recognized revenue for trucks it had not delivered. Its report contained numerous other claims of shady business dealings by the Loveland,...

https://www.freightwaves.com/news/workhorse-group-latest-electric-truck-maker-under-sec-scrutiny

Truck Talk: Autonomous patent edition

This week, we look at how technology patents suggest possible winners and also-rans in the autonomous trucking race to commercialization. And Cummins cuts a deal that replaces the sunsetting of its 20-year-old natural gas joint venture with Westport Fuel Systems.

A patent argument

Sizing up the prospects of autonomous software trucking companies needs a scorecard, or maybe a Racing Forum. There’s no question that a horse race to commercialization is underway. Distinguishing winners from also-rans...

https://www.freightwaves.com/news/truck-talk-autonomous-patent-edition

Demystifying the comings and goings of SPACs

Special purpose acquisition company. It is such an unwieldy phase that it demands an acronym. And so these investment vehicles,  also called blank check companies and shell companies, are known as SPACs.

A SPAC is a way for a small private company, — often with no revenue — to access public markets and investment without going through a cumbersome initial public offering (IPO). 

SPAC-sponsored companies can talk about their projections for scaling the business and project revenue several years in...

https://www.freightwaves.com/news/demystifying-the-comings-and-goings-of-spacs

Short squeeze? Workhorse Group stock again a retail trader plaything

Until a reversal on Friday, the share price of Workhorse Group (NASDAQ: WKHS) had been skyrocketing, adding 59% to its value in the past two months.

Nothing is happening in the business to drive such appreciation. If anything, the clock is ticking before competitors in the electric delivery van space catch and overtake Workhorse, which struggles with myriad production issues.

As a meme stock like retailer GameStop Corp. (NYSE: GME) and more recently AMC Entertainment Holdings (NYSE: AMC),...

https://www.freightwaves.com/news/short-squeeze-workhorse-group-stock-again-a-retail-trader-plaything

FreightWaves Truck Talk: Inside job edition

This week we’re looking at the latest at Workhorse Group; new parts and components for Kenworth and Mack heavy-duty trucks; burgeoning growth in Daimler Trucks parts stores; and  the never-ending debate over battery-electric versus hydrogen fuel cells.

Five trucks a day

Workhorse Group (NASDAQ: WKHS) is shooting to build about five of its C-Series electric delivery vans a day this quarter and double production to 10 a day later this year. That’s according to Chief Financial Officer Steve...

https://s29755.pcdn.co/news/freightwaves-truck-talk-inside-job-edition

FreightWaves Truck Talk: A ‘SPAC-tacular’ new year

Welcome to FreightWaves Truck Talk, a weekly newsletter adding perspective, context and commentary to industry news and trends. 

The SPAC train keeps on rolling. Odeon Capital is keeping track of the growing hunting party of special purpose acquisition companies (SPACs). It counts 149 suitors seeking business combination targets. Odeon Capital analyst Alex Arnold puts the collective bankroll of blank checks at $57 billion. SPAC Insider lists 248 SPACs filed in 2020. In the first week of the...

https://s29755.pcdn.co/news/freightwaves-truck-talk-a-spac-tacular-new-year

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