Electrameccanica Vehicles Corp. develops, manufactures, and sells electric vehicles in the United States and Canada. Its flagship product is the SOLO, a single seat vehicle. The company is also developing four-wheeled eRoadster and Tofino. In addition, it provides services, repairs, and support services, as well as sale of parts and custom built vehicles. The company sells its vehicles through direct-to-consumer online marketing, as well as through retail store operations in the States of California, Arizona, and Oregon. Electrameccanica Vehicles Corp. was incorporated in 2015 and is headquartered in Burnaby, Canada. As of March 26, 2024, Electrameccanica Vehicles Corp. operates as a subsidiary of Xos, Inc.
Well this sucks but just remember we are the only early stage EV who’s balance sheet has $250million in cash now...our Cash/ per share is $2.33. Far above other peers.
It will be up to management to see how well it is deployed...
$SOLO is back at its main support of $6, and is forming a falling wedge as well. The volume on this move down has been declining and very small. This is a great area to add in my opinion.
Today and yesterday were the 2 lightest volume days since 11/3/2020....Steifel has stopped selling the offering shares
COO/Co-founder Henry Reisner files an 13D amendment showing him and his wife hold 3M shares and haven’t sold any since last filing, the 13D was for ownership falling below 5% bc of dilution, not bc he sold any
Stinly...the share offering is not for a set quantity of shares, its for a set Dollar$ amount of proceeds from the sale.
It was originally for $200M worth of shares, the first $100M was sold by February 4th. The second $100M is being sold now, the amount of dilution we experience depends on the how the price holds up.
No coincidence they announced in their 3rd Q in early November “factory location by end of the month”, No suprise the offering was announced shortly after and so we wait...
Within each finalist state, the Company has selected two finalist sites within the Phoenix, AZ metro area and the Nashville, TN region, respectively. Along with BDO, the Company is now conducting final site and proposal reviews before making a selection at the end of November 2020.
This is investors major beef...like anything in life, don’t make a promise you can’t keep...especially in an SEC filing
$WKHS can teach $SOLO a valuable lesson. Can’t pin your hopes on a promise to deliver a mass number of vehicles without the production infrastructure first.
Don’t speculate about fleet sales before infrastructure is in place first....or else our share value will follow the same path