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<blockquote data-quote="Weather Man" data-source="post: 16675293" data-attributes="member: 137766"><p><a href="https://seekingalpha.com/news/3746858-lordstown-motors-higher-on-ev-production-partnership-with-hon-hai-technology-updates-fy2021-expense-outlook" target="_blank"></a></p><p><a href="https://seekingalpha.com/news/3746858-lordstown-motors-higher-on-ev-production-partnership-with-hon-hai-technology-updates-fy2021-expense-outlook" target="_blank">Lordstown Motors higher on EV production partnership with Hon Hai Technology, updates FY2021 expense outlook</a></p><ul> <li data-xf-list-type="ul">Lordstown Motors (NASDAQ:<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) +4.5% premarket, and Hon Hai Technology Group to work <a href="https://seekingalpha.com/pr/18495081-lordstown-motors-provides-production-and-financial-update" target="_blank">jointly</a> on electric vehicle programs in the company’s assembly plant in Lordstown, Ohio.</li> <li data-xf-list-type="ul">The company continues to move forward with its plan to build a limited number of vehicles for testing, validation, verification and regulatory approvals during the balance of 2021 and the first part of 2022.</li> <li data-xf-list-type="ul">In light of the recent event, the company is updating its FY2021 financial outlook last provided during its Q2 2021 earnings call: Capital expenditures unchanged in total from $375M to $400M; SG&A expenditures to be $105M to $120M, up from $95M to $105M, primarily due to higher legal and professional fees; R&D expenditures now $320M to $340M, up from $310M to $320M, largely due to increased prototyping and pre-production expenses.</li> <li data-xf-list-type="ul">Cash balance as on September 30, 2021 is $210M to $240M, down from $225M to $275M, which includes ~$20M of proceeds from the issuance of common stock under the Company’s Equity Purchase Agreement in August and September but excludes proceeds from Foxconn’s purchase of <a href="https://seekingalpha.com/news/3746542-lordstown-motors-rallies-as-it-nears-deal-to-sell-ohio-plant-to-foxconn" target="_blank">$50M of the company’s common stock</a> at a price of $6.8983 per share.</li> </ul><p></p><p><a href="https://seekingalpha.com/news/3746853-daimlers-shareholders-decide-on-spin-off-of-daimler-truck-by-the-end-of-fy2021" target="_blank"></a></p><p><a href="https://seekingalpha.com/news/3746853-daimlers-shareholders-decide-on-spin-off-of-daimler-truck-by-the-end-of-fy2021" target="_blank">Daimler's shareholders decide on spin-off of Daimler Truck by the end of FY2021</a></p><ul> <li data-xf-list-type="ul">Daimler AG (<a href="https://seekingalpha.com/symbol/DMLRY" target="_blank">OTCPK<img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite8" alt=":D" title="Big Grin :D" loading="lazy" data-shortname=":D" />MLRY</a>) shareholders gives a green signal to the planned <a href="https://seekingalpha.com/pr/18495243-shareholders-decide-on-spin-off-of-daimler-truck" target="_blank">spin-off of Daimler Truck by the end of FY2021</a>.</li> <li data-xf-list-type="ul">The shareholders will hold 65% stake in Daimler Truck Holding AG intended to list on the Frankfurt Stock Exchange, in addition to their shares in Daimler AG.</li> <li data-xf-list-type="ul">As consideration for the spin-off Daimler shareholders are to receive one additional share in Daimler Truck Holding AG for every two shares they hold in Daimler AG. Daimler will retain a minority interest of 35% in Daimler Truck Holding AG and plans to transfer 5% to Daimler Pension Trust e.V., a registered association according to German law.</li> <li data-xf-list-type="ul">The company is also intending for the shareholders' approval to rename Daimler AG as Mercedes-Benz Group AG effective 1 February 2022, emphasizing the future focus on the car and van business with the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ.</li> <li data-xf-list-type="ul">Bernd Pischetsrieder, Chairman of the Supervisory Board of Daimler AG: "By spinning off the commercial vehicle business, we aim to create value for our shareholders, increase our profitability and fully exploit our potential."</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16675293, member: 137766"] [URL='https://seekingalpha.com/news/3746858-lordstown-motors-higher-on-ev-production-partnership-with-hon-hai-technology-updates-fy2021-expense-outlook'] Lordstown Motors higher on EV production partnership with Hon Hai Technology, updates FY2021 expense outlook[/URL] [LIST] [*]Lordstown Motors (NASDAQ:[URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) +4.5% premarket, and Hon Hai Technology Group to work [URL='https://seekingalpha.com/pr/18495081-lordstown-motors-provides-production-and-financial-update']jointly[/URL] on electric vehicle programs in the company’s assembly plant in Lordstown, Ohio. [*]The company continues to move forward with its plan to build a limited number of vehicles for testing, validation, verification and regulatory approvals during the balance of 2021 and the first part of 2022. [*]In light of the recent event, the company is updating its FY2021 financial outlook last provided during its Q2 2021 earnings call: Capital expenditures unchanged in total from $375M to $400M; SG&A expenditures to be $105M to $120M, up from $95M to $105M, primarily due to higher legal and professional fees; R&D expenditures now $320M to $340M, up from $310M to $320M, largely due to increased prototyping and pre-production expenses. [*]Cash balance as on September 30, 2021 is $210M to $240M, down from $225M to $275M, which includes ~$20M of proceeds from the issuance of common stock under the Company’s Equity Purchase Agreement in August and September but excludes proceeds from Foxconn’s purchase of [URL='https://seekingalpha.com/news/3746542-lordstown-motors-rallies-as-it-nears-deal-to-sell-ohio-plant-to-foxconn']$50M of the company’s common stock[/URL] at a price of $6.8983 per share. [/LIST] [URL='https://seekingalpha.com/news/3746853-daimlers-shareholders-decide-on-spin-off-of-daimler-truck-by-the-end-of-fy2021'] Daimler's shareholders decide on spin-off of Daimler Truck by the end of FY2021[/URL] [LIST] [*]Daimler AG ([URL='https://seekingalpha.com/symbol/DMLRY']OTCPK:DMLRY[/URL]) shareholders gives a green signal to the planned [URL='https://seekingalpha.com/pr/18495243-shareholders-decide-on-spin-off-of-daimler-truck']spin-off of Daimler Truck by the end of FY2021[/URL]. [*]The shareholders will hold 65% stake in Daimler Truck Holding AG intended to list on the Frankfurt Stock Exchange, in addition to their shares in Daimler AG. [*]As consideration for the spin-off Daimler shareholders are to receive one additional share in Daimler Truck Holding AG for every two shares they hold in Daimler AG. Daimler will retain a minority interest of 35% in Daimler Truck Holding AG and plans to transfer 5% to Daimler Pension Trust e.V., a registered association according to German law. [*]The company is also intending for the shareholders' approval to rename Daimler AG as Mercedes-Benz Group AG effective 1 February 2022, emphasizing the future focus on the car and van business with the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ. [*]Bernd Pischetsrieder, Chairman of the Supervisory Board of Daimler AG: "By spinning off the commercial vehicle business, we aim to create value for our shareholders, increase our profitability and fully exploit our potential." [/LIST] [/QUOTE]
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