Lordstown Motors founder sells stock in electric truck maker
founder and former CEO Stephen Burns has sold his entire stake in the electric-vehicle maker, according to a regulatory filing.
The company in May implemented a reverse stock split to comply with Nasdaq's minimum $1 listing requirement and appease investor Foxconn that had threatened to scrap a $170 million funding in the cash-strapped company. Burns has sold his stake in three transactions between May and June, about 581,000 shares were divested before the reverse stock split and 791,572 shares after, the filing on Wednesday showed.Motors said it planned to take legal action against Taiwanese contract manufacturer Foxconn to ensure the planned purchase of nearly 10% of the company's shares was not derailed.
Burns in 2021 resigned from the role of CEO alongside then Chief Financial Officer Julio Rodriguez following an internal investigation by the company board into claims made by short-seller Hindenburg.but rejected Hindenburg's claims that the company had misled investors about production plans and exaggerated the potential of its technology.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Lordstown Founder And Ex-CEO Cashes Out Remaining Stake In EV StartupLordstown founder and ex-CEO Stephen Burns has sold his remaining shares in the EV startup amidst its ongoing financial struggles.
Leer más »
The Best Headlight Restoration Kits In 2023 - AutoblogHeadlights are crucial to your vehicles safety and styling. Consider buying a headlight restoration kit to keep the lights bright and clean.
Leer más »
Full circle: Rotary-powered Mazda MX-30 R-EV production begins - AutoblogMazda announces that production has begun for the rotary engine-powered MX-30 R-EV. It has been just over a decade since the last rotary cars were built.
Leer más »
2024 Range Rover Evoque gets small interior rework, bigger price - AutoblogThe 2024 Range Rover Evoque gets small interior rework and a bigger price, the $51,075 base price a $4,900 increase over 2023.
Leer más »
Largest U.S. automaker loan since 2009 is meant to help Ford beat China on EVs - AutoblogThe Department of Energy has allocated $9.2 billion to a joint venture involving Ford and a Korean company for three plants in Tennessee and Kentucky.
Leer más »
Wild-looking Opel Rocks e-Xtreme looks ready to survive the apocalypse - AutoblogCreated by industrial design student named Lukas Wenzhöfer, the Opel Rocks e-Xtreme concept gets a wider track and a rear wing with racing heritage.
Leer más »