US SEC charges Lordstown Motors with misleading investors about flagship EV

Stark Novus Financial

29/02/2024 21:22

WASHINGTON, Feb 29 (Reuters) - The U.S. Securities and
Exchange Commission said on Thursday it charged Lordstown Motors
Corp  RIDEQ.PK  with misleading investors about the sales
prospects of its flagship electric pickup truck, the Endurance. 
    Lordstown, which filed for bankruptcy in 2023, went public
by merging with a special purpose acquisition company (SPAC) in
2020. Without admitting or denying the SEC’s findings and
subject to bankruptcy court approval, Lordstown agreed to a
cease-and-desist order and disgorgement of $25.5 million, the
SEC said.
    

 (Reporting by Kanishka Singh in Washington)
 ((Kanishka.Singh@thomsonreuters.com; +12024508248;))