The average price calculation probably used data before the recent 15 to 1 reverse stock split.
View attachment 315904
I saw this thread before I logged on. The Imp has me on "block-all", but I don't think it has anything to do with the recent split.
Back when they did the merger there was a conversion formula for the major shareholders.
Had Impy done any DD before he post a silly thread, (AS Robert M. pointed out above)... ie went to to EDGAR before jumping to more conclusions that the world is out to get him and everything is geared in that direction, he might have found this.
https://www.sec.gov/Archives/edgar/data/1759546/000121390020019762/ea124863ex2-1_diamondpeak.htm
For our math expert:
(a) At the Effective Time, by virtue of the Merger and without any action on the part of the Parties or any holder of any capital stock of the Company, (i) each share of Company Common Stock issued and outstanding at the Effective Time (other than (x) shares of Company Common Stock that are held by Dissenting Stockholders (“Dissenting Shares”) and (y) shares of Company Common Stock that are held by Non-Accredited Investors (“Non-Accredited Investor Shares”)
shall be converted into, and become exchangeable for the number of shares of Parent Class A Common Stock equal to the quotient obtained by dividing (A) the Purchase Price by (B) $10.00 by (C) the Fully Diluted Share Number (such number of shares of Parent Class A Common Stock, the “Stock Merger Consideration”) and (ii) each Non-Accredited Investor Share shall be converted into, and become exchangeable for, the right to receive an amount in cash in Dollars equal to the quotient obtained by dividing (A) the Purchase Price by (B) the Fully Diluted Share Number (such number of shares of Parent Class A Common Stock, the “Cash Merger Consideration”). The Cash Merger Consideration or Stock Merger Consideration that a Stockholder shall be entitled to receive pursuant to this Section 2.1(a) is referred to as the “Merger Consideration”. Notwithstanding the foregoing, in the event that Parent, in its sole discretion, determines that any Stockholder is an Accredited Investor despite such holder’s failure to deliver an investor questionnaire, then Parent may elect to treat such holder as an Accredited Investor for all purposes under this Agreement.
_____________________________________________
Or.... he might have just read some of the other 13-d's and noticed this... for example this one from Feb 2022
https://www.sec.gov/Archives/edgar/data/1481717/000110465922030091/tm228359d1_sc13da.htm
Which is one of handful way before this split that might have piqued his curiosity a bit to actually do some work and read things.
This:
At the Effective Time, the 829,461.91 shares of the Legacy Lordstown common stock held by the Reporting Person were automatically converted into 46,351,745 shares of the Common Stock.
On November 12, 2021, the Reporting Person sold 3,204,000 shares of Common Stock on the open market at an average price per share of $5.88. On February 28, 2022, the Reporting Person sold 5,285,000 shares of Common Stock on the open market at an average price per share of $2.56. On March 2, 2022, the Reporting Person sold 2,500,000 shares of Common Stock on the open market at an average price per share of $2.44.
Item 7. Material to be Filed as Exhibits.
Exhibit No. Name
1. Agreement and Plan of Merger, dated August 1, 2020, among DiamondPeak Holdings Corp., DPL Merger Sub Corp. and Lordstown Motors Corp. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on August 3, 2020)
2. Registration Rights and Lockup Agreement (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed on October 29, 2020)
5
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct.
Date: March 3, 2022
/s/ Stephen S. Burns
By:
Stephen S. Burns
As one can see the prices filed and recorded back then also reflect the ~.07 multiplier delineated in boldface above.
"I am an expert"--- yeah right.
More like a rookie living in a world of paranoia.
