Technology

Lordstown Motors’ miserable strait when CEO leaves, cash thins

Suffering from cash flow and unexpected turmoil in senior management, startups appear to be in crisis management mode.Freddie Holmes

Lordstown Motors planned to offer the first fully electric pickup truck to US buyers by the end of September. With a surge in executives and funding issues questioning the company’s future, its production milestones now seem less likely.

Start-ups have warned that they could go bankrupt within the next 12 months due to lack of funds. The company’s statement on June 8 said it was “quite skeptical” about its ability to continue its business and was seeking additional funding from outside investors.

Just a few days ago, the company was warned that it violated stock market rules because its quarterly earnings report was not submitted to the Securities and Exchange Commission (SEC) on time. The company apologized for the wrong type of press release on June 4, and advised that the required form would be “submitted soon.” [sic] Possible. “

Rhodestown CEO Steve Burns suddenly resigned in June.

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https://www.automotiveworld.com/articles/dire-straits-for-lordstown-motors-as-ceo-leaves-cash-wears-thin/ Lordstown Motors’ miserable strait when CEO leaves, cash thins

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