The deal could result in the sale of the struggling automaker’s Ohio factory to Foxconn. Lordstown is under federal investigation and needs more cash to mass-produce an electric pickup truck.
The activist short-seller behind Hindenburg Research has become known for research that sends companies’ stock sinking. He says he’s not in it just to move share prices.
A longtime real estate investor and former Goldman Sachs executive decided to take an electric truck company public. Chaos ensued.
After an executive shake-up and conflicting statements about its prospects, the start-up demonstrated prototypes of its pickup.
Lordstown Motors said it would start producing and selling electric pickup trucks this year, but there is little evidence it is ready to do so. Its stock has tumbled from a high of about $30 last year to around $8.
Special purpose acquisition companies, or SPACs, are helping them and other fledgling companies raise money and gain coveted stock listings.