In an amended regulatory filing late Tuesday, electric car maker Lordstown Motors said that it “believes that its latest level of funds and funds equivalents are not sufficient to fund commercial-scale creation and the launch of sale” of its motor vehicles.

The “going concern” warning means the company has doubts it can last through the conclude of the 12 months.

In its restated financials for the March 2021 quarter, launched Tuesday, Lordstown reported it had $587 million of funds and funds equivalents, down from $630 million at the conclude of 2020. It had a net decline of $one hundred twenty five.2 million for the quarter, as its working expenditures rose significantly.

The company’s R&D and capital expenditures have “increased appreciably about 2020 degrees,” Lordstown reported in the very first-quarter 10-Q, and ended up “higher than anticipated” thanks to added paying out for “completing its beta system, conducting car assessments, securing elements and gear for creation, and applying third-engineering methods.”

The filing also reported that Lordstown is even now setting up and retooling creation strains to manufacture its Endurance pickup truck. That involves “reengineering” the creation course of action and “bringing obtained property up to the level of creation.” Lordstown obtained the Lordstown, Ohio, plant from General Motors in November 2019 for $twenty million in the variety of a note payable.

Lordstown Motors is a person of quite a few EV producers that have gone general public through a special objective acquisition company offer in the previous 12 months.

The company’s August 2020 SPAC transaction valued it at $one.6 billion. At that time, Lordstown been given $five hundred million in a non-public expense in general public fairness from Fidelity, Wellington Management, the Federated Hermes Kaufmann Modest Cap Fund, and money managed by BlackRock.

At the time of the SPAC, Lordstown reported it prepared to get started creation of the flagship Endurance EV truck in the next half of 2021.

A report from limited-vendor Hindenburg Research in March 2021 reported, among other items, that the company had “undisclosed creation hurdles.”

“Lordstown is an EV SPAC [special-objective acquisition company] with no revenue and no sellable products, which we feel has grossly misled buyers on both of those its desire and creation abilities,” Hindenburg wrote at the time.

Lordstown’s securities filing reported it desires added capital to fund its organization program: “Our skill to continue on as a likely issue is dependent on our skill to comprehensive the advancement of our electric motor vehicles, attain regulatory approval, get started commercial-scale creation, and launch the sale of such motor vehicles.”

Lordstown’s management is evaluating different funding choices and “may request to raise added money through the issuance of fairness, mezzanine or debt securities, through arrangements with strategic companions, or through obtaining credit rating from government or monetary institutions.”

Lordstown’s shares fell to $10.37 in immediately after-hours investing on Tuesday night. The stock’s 52-week high is $31.eighty.

Dollars, Endurance, likely issue, Lordstown Motors, SPAC