Steve
Saleen has accomplished a phenomenal amount in his lifetime, both at
the track and in car production, but it appears that Saleen Automotive,
Inc., the current iteration of the automotive brand he runs, might need
to finally turn off the lights.
In a recent 10-K filing
with the Securities and Exchange Commission, Saleen Automotive
admitted, "Additional funds will be needed in order to complete
production, continue operations, obtain profitability and to achieve our
objectives. As such, our cash resources are insufficient to meet our
current operating expense and production requirements and planned
business objectives beyond the filing date of this Form 10-K without
additional financing." Listing just $21,000 in "cash on hand" as of July
8, along with a significant quantity of unpaid debts-including at least
$288,900 of back rent alone, Saleen appears unlikely to be in a
position of continuing operations.
Will Saleen get a figurative victory lap?
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Re: Could Saleen Automotive’s Days Be Numbered?
