Lordstown motors stock

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Lordstown motors stock

Lordstown Motors Corp. The firm develops its flagship vehicle, the Endurance, an electric full-size pickup truck. The company was founded on November 13, and is headquartered in Lordstown, OH. This browser is no longer supported at MarketWatch. For the best MarketWatch. Market Data. Latest News All Times Eastern scroll up scroll down. How It Plans to Grow More. The Stock Rose. Search Ticker. Watch list Alert NEW. Last Updated: Feb 23, p.

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The soap opera that is Lordstown Motors is taking yet another unusual turn. Burns founded the company in and brought it public through a merger with a special purpose acquisition company in Lordstown manufactured and sold a few dozen trucks that were involved in two safety recalls. Its hope to carve out a piece of the commercial work truck space never materialized, especially in the face of competition from legacy automakers like Ford and even GM. He began selling his shares as soon as a lockup expired. Foxconn obtained contract manufacturing rights to the Endurance as part of the plant purchase.

Lordstown motors stock

Founded in , Lordstown has faced a significant amount of hurdles in getting its first product, the Endurance electric truck , to market. Many of which are in a similar situation as Lordstown. Rising interest rates and ongoing supply chain disruptions are hindering growth and contributing to higher-than-expected losses. As a result, investors are fleeing to safer, more predictable assets amid the more challenging economic environment. With stock prices crashing, access to cheap funding is drying up, and with little production, cash is also becoming a concern. Although Lordstown said the initial batch of Endurance models was out for delivery last November, the company halted production in February due to a voluntary recall over quality issues. Lordstown resumed Endurance production this week, but the company has now been issued a stock delisting notice. If the company fails to do so, it may be eligible for an additional grace period, according to the SEC filing, which would require transferring its stock listing to The Nasdaq Capital Market. Lordstown is evaluating current solutions to regain compliance, including a potential reverse stock split. The reverse split will ratio will range from to

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The U. Securities and Exchange Commission on Thursday said it has settled charges against Lordstown Motors that the electric vehicle manufacturer misled investors about the sales prospects of its flagship truck, the Endurance. The regulator said Lordstown, which filed for bankruptcy in , and its former Chairman and CEO Steve Burns misrepresented the company's plans to develop the first full-size electric pickup.

Bonds: Bond quotes are updated in real-time. Short Interest Change. Does Lordstown Motors pay dividends? Create Watchlist …or learn more. Shares Outstanding ,, ET on InvestorPlace. Access Premium Tools. Largest Companies by Market Cap. Sell 5 Bullish. Shea Burns.