Former Lordstown Motors CEO sells more stock of the company he founded
Former Lordstown Motors CEO Steve Burns has sold more shares of the company he founded.
According to a regulatory filing, Burns last month sold 5,285,000 shares of Class A Common Stock. With a price of $2.56 per share, the sale would have had a value of $13,529,600.
In November, Burns sold 3,204,000 shares which were valued at $5.88 at the time. Burns still owns 37,862,745 shares, according to the filing.
In June of last year, Burns and Chief Financial Officer Julio Rodriquez resigned from Lordstown Motors.
The company gave no reason for the resignations, but the revelation came on the same day that LMC disclosed that a special committee looking into a damaging report by Hindenburg Research found “issues regarding the accuracy of certain statements regarding the company’s pre-orders.”
Earlier this week General Motors confirmed that it recently sold its investment in Lordstown Motors which had been made to help LMC complete the purchase of GM’s former assembly plant.
On Monday, Lordstown Motors reported an $81 million fourth-quarter loss, as well as plans that they plan to only manufacture 500 all-electric Endurance pickup trucks this year another 2,500 the following year.
In mid-February of last year, LMC’s RIDE stock was worth $29.50 per share. The stock closed Wednesday at $2.55.