Lordstown Motors hired an outside advisory firm to handle its finances, raising questions about what is ahead for the electric truck startup that last week warned investors it lacks sufficient cash
She then did a stint at Hudson’s Bay Co., where she was named temporary finance chief two years ago, filling in for the retailer’s CFO, who went on medical leave for several months before the company went private in early 2020 to mount a turnaround effort. Ms. Roof alsoof Aceto Corp., a generic drug distributor, during the company’s chapter 11 bankruptcy filing.
At Lordstown Motors, she will take charge of a newly public company running short of cash. The business, which last year went public through a merger with a special-purpose acquisition company, on June 8 said itto begin commercial operations. The company said it has doubts about whether it can continue as a going concern, a warning to investors which sometimes come before a debt default or bankruptcy filing.
Lordstown Motors said in May that it would need to raise more capital or would be unlikely to meet its 2021 target of producing 2,200 vehicles by year’s end. The company also said it was burning cash more quickly than it had projected a few months prior and would finish the year with between $50 million and $75 million in cash, down from the $200 million it anticipated finishing the year with about two months earlier.of a continuing investigation by U.S.
Asked last year about her work as a temporary CFO, Ms. Roof said she manages several crises at once at distressed companies. “Sometimes I feel like I’ve got a big sword and I’m spinning in a circle trying to take off the head of whatever dragon is coming at me that moment,” she said.
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