Lordstown Motors Corporation has announced a $400 million investment from New Jersey headquartered hedge fund YA II PN, LTD.

In a Securities and Exchange Commission filing on Monday, LMC said that YA has committed to purchase up to $400 million of the RIDE Class A common stock at LMC’s direction from time to time, subject to conditions of a purchase agreement.

A spokesperson for Lordstown Motors told 21 News that the agreement is a first step taken by the new management team to ensure that the company has the financing to accomplish its goals.

Lordstown Motors, which recently confirmed it is being investigated by the U.S. Attorney’s Office and the Securities Exchange, still plans to begin limited production of the all-electric Endurance pickup truck at its plant in Lordstown, Ohio.

The company spokesperson says it’s important to note that the purchase agreement allows Lordstown Motors to remain in control of its business.