Lordstown Motors Investor Presentation Deck
Pro Forma Equity Ownership
US$ in Millions, Unless Otherwise Stated
Sources
SPAC Cash in Trust¹
PIPE Proceeds (excl. GM)
GM PIPE Proceeds
Cash Sources and Uses
Total
$280
425
75
$780
Uses
Cash to Balance Sheet
PIK for GM²
Deal Expenses
Total
Commentary
• Proceeds for the transaction will be used for development and
commercialization of Lordstown's Endurance vehicle
$ 675
60
Additional $25mm cash investment from GM as part of transaction
• Draw against $10mm GM financing facility will net against
closing cash contribution
45
$ 780
• GM receives $50mm equity position in exchange for in-kind contributions
Plant assets
• Plant permits (accelerating time to market)
• Plant operating costs since initial purchase agreement executed
(Nov '19)
Share Price
Pro Forma Shares Outstanding"
Equity Value
Plus: Existing Debt
Less: Cash to Balance Sheet
Enterprise Value
Pro Forma Valuation
Existing Lordstown
Shareholders
48%
LORDSTOWN.
1.3
Pro Forma Ownership¹,³
O
SPAC
Shareholders
17%
$ 10.00
PIPE
Investment
30%
164.00
$ 1,640
SPAC
Founder Shares
4%
0
(675)
$ 965
¹ Assumes no redemptions from existing public shareholders. 2 Inclusive of $10mm lending facility from GM, of which ~$4mm is drawn. 3 Pro forma share count includes 28.0mm SPAC shares, 7.0mm SPAC
founder shares, 50.0mm PIPE shares, and 79.0mm shares to existing Lordstown shareholders. Note: Assumes new shares issued at a price of $10.00. Excludes impact of 14.4mm warrants with a strike price of
$11.50. Excludes impact of BGL warrants and proceeds and employee options and associated cash. Not inclusive of potential LMC financing of up to $40mm ahead of transaction date.
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