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Adomani (ADOM): Hello? Anybody Home?

Summary

Adomani announces it has hired an investor relations firm to “increase awareness” of the company.

The IR firm will not answer investors’ questions.

TheStreetSweeper has repeatedly requested an interview regarding the IR company and whether it will craft and release a clarification or retraction to a misleading press release by zero-revenue Adomani.

TheStreetSweeper issues an alert for Adomani (ADOM) investors.

Adomani is expanding its efforts to “enhance shareholder value” by hiring an IR firm that doesn’t return phone calls.

The world’s most overvalued company hustled out a press release early Friday morning, Sept. 1, announcing it has retained Hayden IR to “increase awareness.”

Eager to shine light on Adomani, TheStreetSweeper called Hayden for an interview. IR expert James Carbonara answered but upon learning TheStreetSweeper was calling, he took the number and said he’d call back on a better phone line. That return call didn't happen. And no one would pick up the phone, though we tried to reach investor relations again five times. Why is Adomani retaining a firm that isn’t doing its job?

We wanted to know …

Isn’t it irresponsible to attempt to get retail investors into the stock at this level?

After a ~2% rise with the IR announcement, the stock’s teetering at a market valuation exceeding $800 million.

Should Hayden really encourage people to buy high?

Wouldn’t a more responsible entry point be when the stock falls to around 75 cents per share, or around a $50 million market cap?

The Newport Beach, California company makes drivetrains to convert gasoline vehicles to electric vehicles.

But in five years, it has sold zero conversion kits and exactly two converted buses. Yes, in five years.

One sale was so unremarkable the CFO said in a telephone interview with TheStreetSweeper that he didn’t know how much money it generated.

The second life-time sale was a bus described by the CFO this way: “We got their deposit in 2015. Delivered the vehicle in ‘16 and recognized a whopping $68,000 in revenue in June of ’16."

Adomani, incidentally, told would-be investors with its Regulation A pre-IPO projections that it might turn $68,000 in revenue into $70 million revenue this year.

Over three years' of operations, Adomani managed to deliver two buses. To hit the revenue target, investors are supposed to believe Adomani will deliver more than 1,000 buses by January.

Preposterous. The company offers $31 million in losses, no plant, no distinguishable product, minimal cash and 10 employees, most of whom the CFO says work out of their homes.

We wanted to ask Hayden if the firm will craft the retraction or clarification that we’ve formally requested regarding Adomani’s misleading press release headlined: “Adomani Sees $2.9 Billion in Settlement Funds, from Volkswagen Environmental Mitigation Trust, As Unprecedented Product Funding Opportunity in its Goal to “Help Yellow Go Green!”

As we reported to the SEC, the VW settlement – announced June 28, 2016 – resulted from the car maker using “defeat devices” to cheat emissions tests. Among other actions, VW has agreed to pay $2.7 billion to fund emission-reduction projects across the country.

Adomani is receiving nothing. The company needs to explain that in a corrected press release.

Catch our full interview here , Adomani’s goofy “rapturous applause” release here (they do need IR help, obviously, but not to try to entice buyers when the stock is priced so high) and our previous story here.

More to come… Meanwhile, we’re expecting Adomani to implode to under $1 per share.

Disclosure: I am/we are short ADOM.

Additional disclosure: The author is paid to write articles. The author holds no position in this stock and will not take a position within the next 72 hours.