The writing was on the wall months ago: Electric vehicle startups that cashed in by combining with blank check companies were running out of money just as swiftly shifting market conditions were making it a real bad time to go broke, Bloomberg reports.
Five of them have announced plans in August to raise a combined $9.5 billion to buttress their balance sheets, even if it may mean diluting existing shareholders. Another is cutting workers and tabling projects, and another agreed to a sale at a steep discount to its valuation at the time of its deal with a special purpose acquisition company.
Lucid, Nikola, Arrival and others are low on funds and looking for more. Read more.
