REE Automotive fall after signaling need to raise funds
23/05/2023 14:07
** U.S.-listed shares of Israel-based company REE Automotive
Ltd REE.O fall ~20% to 32 cents premarket
** Co posts wider Q1 net loss of $28.6 mln, from $21.5 mln a
year earlier
** REE indicates need to raise additional funding of $80 mln
to $100 mln to produce low-mid thousands of vehicles before co
can reach positive operating profit
** REE expects to end the year with $65 mln of liquidity
including financing the initial 25 P7 vehicles for internal
testing and pilot delivery for some customers; reports cash
balance of $61.9 mln at the end of March
** Up to the last close, REE had risen ~3% YTD
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))