We bought a GM factory for a dollar. A dollar. The factory that built the Chevy Cruze. We were going to build electric trucks there. The symbolism was perfect. The business plan was not.
We said we had 100,000 pre-orders. The SEC found that most of them were non-binding expressions of interest, not real orders. There's a difference. We should have been clearer about that difference.
I resigned as CEO after the Hindenburg Research report. They called us a fraud. I called them short sellers. The market decided who was right.
We went public via SPAC at a $1.6 billion valuation. We had no revenue, no production vehicle, and apparently no real pre-orders. The SPAC era will be studied for decades.
The Endurance truck had hub-mounted motors — one in each wheel. Revolutionary technology. We just never got to the part where we actually manufactured them at scale.
We filed for bankruptcy with $6 million in cash. We had raised over $1 billion total. A billion dollars in, six million left, zero trucks on the road. That math is hard to explain.