SPAC boom gets “come to Jesus” moment in Lordstown, writes rob_cyran.
Lordstown Motors said on June 14 that Chief Executive Steve Burns and Chief Financial Officer Julio Rodriguez have resigned. Lead Independent Director Angela Strand has been appointed executive chair and will oversee the transition until a permanent CEO is found. Becky Roof will serve as interim chief financial officer.
Separately, the company said a special committee of the board of directors investigating a report by Hindenburg Research found many of the allegations in the report “false and misleading.” However, the investigation also found Lordstown had overstated the quality of vehicle pre-orders. On March 31, Lordstown said in a securities filing there was “substantial doubt” over the company’s ability to continue as a going concern in the next year.An electric vehicle charging station of municipal utilities"Stadtwerke Ruesselsheim" is pictured in Ruesselsheim, Germany, May 23, 2019.
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