Saleen Automotive Inc (OTCMKTS:SLNN) Rises From The Ashes

Saleen Automotive Inc (OTCMKTS:SLNN) is a name many had written off for good. It's only been in the last week that the stock finally started to rise from the ashes. However, we're still a long way off from the 52 week highs of $.004 or the all-time highs of over $1 that we saw in 2013. Getting investors excited now is the unveiling of 7 new limited edition S7's. Can Saleen Automotive finally make the turnaround we've been looking for all year?First up, a little background on the company. Saleen Automotive is one of the best known names in the automotive world. Many auto enthusiasts put CEO Steve Saleen in the same category as the late great Carroll Shelby. The company is an American specialty manufacturer of high performance vehicles, technical performance parts, lifestyle accessories and apparel. Saleen says that it "plans to utilize its existing strategic partnerships and dealer network to refine its design and engineering prowess, continue development of emerging automotive technologies, and expand its presence nationwide with a combination of automotive retail services, aftermarket parts and new vehicle sales to build significant long-term value."Saleen has announced a new limited edition model, the Saleen S7 LM. Only 7 examples of this limited edition S7 will be produced and all will incorporate a unique livery, wheel, interior, and functional performance enhancements. The new S7 LM supercar will be powered by a 7.0L twin-turbo engine rated at 1,000 horsepower and each one will be hand built at Saleen's Corona, CA headquarters.Each car will have a spec sheet nearly identical to the one carried by the top-spec S7 Twin Turbo from 2005. Under the lithe bodywork beats the same Ford-sourced 7.0-liter twin-turbocharged V-8, pushing out an astounding 1,000 hp. Each S7 LM will wear special paintwork, wheels, interiors, and aerodynamic features that set it apart from the original run of cars and have a sticker price of $1,000,000.The Saleen S7 was initially unveiled in Monterey, Ca. Labeled as America's Supercar, it is considered the most successful supercar model ever. The S7R race version has won at every major racetrack in the world, including Daytona, Sebring, Nurburgring, and the prestigious 24 Hours of LeMans. The street version has starred in several Hollywood blockbusters, including being driven by "God" in Bruce Almighty.What's interesting is that Saleen didn’t have the rights to the S7 until recently. Saleen was able to win the rights back at auction, which included the intellectual rights, tools, unfinished cars, and parts. Getting the rights to the S7 back is a major coup for CEO Steve Saleen.The news on the S7 is also refreshing in that we haven't heard from the company since January when the company opened its first international showroom in Shanghai, China. However, what's not refreshing is that the company is late on its filings with the SEC. We do not have a clear picture of the company's financials and what's going on. We've received no data for 2016 from the company. Investors just need to keep this in mind. Hopefully, Steve Saleen is getting his financial house in order.While there are negatives associated with SLNN, the good news is that shares can't go any lower than where they were before the recent run-up. SLNN is like a lotto ticket. Either the stock turns into a multi-bagger and investors make 10x their money, or the company goes bankrupt under the weight of its debt. At the end of last year, SLNN reported $11.4 million in total liabilities. However, with the new S7 and $7,000,000 in potential revenues just around the corner, SLNN just got a lot less risky in our opinion. We will be updating our subscribers as soon as we know more. For the latest updates on SLNN, sign up below!Disclosure: We have no position in SLNN and have not been compensated for this article.