Last week, the American Exceptionalism SPAC started trading. It is designed to target companies in AI, defense, energy, and decentralized finance.
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Like all other startup EV companies, Lucid Group has failed to live up to the hype. While the company might not be headed for bankruptcy, it needs to prove itself by achieving scale and profitability.
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The near-term outlook for the once high-flying electric vehicle industry looks hazy at best and more bankruptcies can be expected.
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Nikola filed for bankruptcy on Wednesday, against analysts’ expectations that it would claw its way back to $6 per share.