Latest funding disasterLion Electric is building a big factory to produce school buses in a Chicago suburb and a battery plant at the Mirabel airport north of Montreal. They participated in the SPAC craze but obviously should have raised more $ when money was being given away. This morning, in return for a very modest $50 million (US) the market is extracting its pound of flesh, sending the stock to the $3 level. That's down from $13 a year ago.
In August, the stock was in the $6 to $7 area. I wonder if management had the least suspicion then they might need more dollars?
I wonder if the bright lights at Marathon Gold realized a year ago (when the stock was over $3) they might need some cash to actually build a mine? Apparently not. By the time they realized the tooth fairy wasn't going to dig these big holes in the ground, they had to raise funds at 90 cents or so. Quelle surprise!!!