Lordstown Motors Slumps Most Ever on CEO Exit, Misstatements [Yahoo! Finance News]
Lordstown Motors Corp. - Class A (RIDE)
Company Research
Source: Yahoo! Finance News
() -- Lordstown Motors Corp. shares took their biggest one-day drop ever after its two top executives stepped down and the electric truckmaker’s board found evidence of inaccurate statements, dimming the shine of the onetime SPAC star.Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company, effective immediately, the company said in a statement Monday. Burns declined to comment about his exit in a text message.It is the latest setback for the company, which warned last week it might not have enough cash to fund development of its first truck or even survive the next 12 months if it can’t raise more capital. In March, the startup disclosed a Securities and Exchange Commission probe of its operations after a short seller said its technology was flawed and that preorders for its truck were nonbinding.Shares of the company sank 19% to close at $9.26 -- the lowest in almost three weeks. The stock is down 54% this year and more than 70%
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