#WORKHORSE STOCKTWITS REGISTRATION#

Several commenters have complained to the U.S. Judging by some comments on WallStreetBets subreddit, investors who had driven shares to a year-to-date gain of about 1,500% on August 30 were less than satisfied with the way the share exchange was accomplished. What happened to the other $30? It appears to have evaporated. That would have valued a new Greenidge share at around $87. The official exchange rate was 0.115 shares of new stock for each existing share of at the closing price of $11.80 per share. ( NASDAQ: GREE) opened for trading at $57.00 a share, and shares have been sliding since the stock hit $60 minutes after the opening bell.ДЄt TuesdayвЂ™s close, the transaction that combined the two companies concluded with a reverse stock split of approximately one new share of Greenidge for every 8.5 shares of. You can reach him on StockTwits at Larry began writing columns for InvestorPlace in 2015.The company formerly known as got a new name and new ticker symbol between TuesdayвЂ™s closing bell and WednesdayвЂ™s open. Among his highly successful contrarian picks have been solar stocks, Roku, and Snap. He has been employed by The Fly and IsraelвЂ™s largest business newspaper, Globes. Larry has conducted research and written articles on U.S. On the date of publication, Larry Ramer held long positions in ARVL and BB.

Investors should definitely sell WKHS stock. At worst, the company could be bankrupt by the middle of 2022. Workhorse has missed too many opportunities and its shares now looks poised to, at best, tumble sharply in the next year. But back in September BarronвЂ™s reported that a buyer of WorkhorseвЂ™s drones said that they had malfunctioned. I think the EV maker would have trouble selling many new shares of its stock at decent prices.ДЇinally, bulls reportedly now believe that WorkhorseвЂ™s drones could save the day for the company and for WKHS stock.

Workhorse had just $205 million of cash as of March 31, and with the Street souring on the stock and many Reddit-oriented investors turning more to other names like BlackBerry (NYSE: BB), AMC (NYSE: AMC), and ContextLogic (NASDAQ: WISH).

#WORKHORSE STOCKTWITS REGISTRATION#

Two other potential positive catalysts identified by bulls - a trademark registration and a court challenge to the USPSвЂ™ decision - probably would not prevent Workhorse from going belly up because they would likely take many years to materialize. Nor would Democrats be thrilled to upset voters in Wisconsin - which is a major swing state that could determine both control of Congress and the White House in the coming years - by overturning the USPS decision. WKHS stock bulls continue to hope that Congress will intervene to give the USPS contract to Workhorse.Д®ven if the latter company is up to the task (and a report by a short seller stated that Workhorse could not fulfill the contract), Democrats probably do not have enough votes in Congress to take the deal away from WisconsinвЂ™s Oshkosh and give it to Workhorse. LordstownвЂ™s issues certainly do undermine my confidence in Workhorse.ДЄlso worth mentioning is that Workhorse bulls were touting WorkhorseвЂ™s shares of Lordstown stock as an important asset last year. The struggles of Lordstown, which recently announced that it may go out of business in the next year, should certainly not increase anyoneвЂ™s confidence in WKHS stock. WhatвЂ™s more, in the companyвЂ™s Q1 earnings press release and in the prepared remarks of its executives on its Q1 earnings conference call, Workhorse appeared to make no mention of the number of vehicle orders that it had accumulated. Partly due to its failures on those fronts, WorkhorseвЂ™s first-quarter results were fairly dismal. Missed Opportunities and WKHS StockДespite the still-large, $1.7 billion market capitalization of WKHS stock, the automaker has not made any large deals or cemented any major partnerships. With Workhorse struggling in the increasingly competitive commercial EV market, I think that its most likely fate is bankruptcy. In an apparent effort to justify their upbeat view of Workhorse, despite all of its failings, WKHS stock bulls have identified a number of remaining positive catalysts for the company that are all highly unlikely to materialize. Post Office and UPS (NYSE: UPS), along with the tremendous struggles of an affiliated company, Lordstown Motors (NASDAQ: RIDE), all bode very badly for its outlook.ДЄs a result, even assuming that the company will have enough money to produce and market its electric truck, itвЂ™s highly unlikely that it will sell enough EVs to prevent WKHS stock from tumbling. The EV makerвЂ™s inability to win any major deals or recruit any impressive partners so far, its apparent failure to cash in on opportunities with the U.S.

Workhorse stocktwits