Why Did Bollinger Innovations Stock Plunge 18% Today?

Bollinger Innovations, Inc. (BINI) announced on Tuesday that it has initiated additional staff reductions, among other measures, as part of its efforts to reduce overall operating costs. Following the announcement, BINI shares plunged nearly 18%.

After recently rebranding as Bollinger Innovations, the company stated that it has made efforts to cut costs by reducing staff and further eliminating facilities and personnel in Irvine, Monrovia, and Mishawaka, while also reducing its operating expense burn rate. The company has eliminated third-party manufacturing, specifically Roush Industries, and instead consolidated the B4 production line from Roush Industries to the company-owned plant in Tunica, it said.

On Stocktwits, retail sentiment around BINI stock trended within 'bullish' territory over the past 24 hours, while message volume remained at 'low' levels.

A Stocktwits user stated that they added more shares to their holdings, noting that it appears oversold.

David Michery, CEO of Bollinger Innovations, stated that the firm recently completed its rebranding under Bollinger Innovations and has identified additional efficiencies under its new, streamlined operations. The company added that it continues to focus on reducing its current burn rate while increasing near-term commercial revenue generation.

For the quarter ended June, the firm reported general, administrative, research, and development costs of $47.7 million. For the quarter ahead, the company expects these expenses to be $18.6 million, marking a drop of 61%.

Bollinger's commercial EV lineup includes a Class 1 urban delivery EV cargo van, a Class 3 urban utility EV cab chassis truck, and the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck. 

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