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Lordstown Plunges As CEO, CFO Resign Amid Troubles At EV Maker

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By Dhirendra Tripathi

Investing.com — Lordstown Motors (NASDAQ:RIDE) shares slumped in Monday’s premarket following the resignations of the chief executive officer and the chief financial officer from the beleaguered electric vehicle maker.

The departures of CEO Steve Burns and CFO Julio Rodriguez are effective immediately but their replacements are only for an interim period till they are permanent suitable candidates are found.

Lordstown’s Lead Independent Director Angela Strand has been appointed executive chairwoman and will oversee the organization’s transition. Becky Roof is the interim CFO.

The company added it “planned commencement of limited production in late-September”.

The reshuffle comes six days after the company warned investors on June 8 that it is close to running out of cash and may go out of business next year.

It said it did not have enough funding to start full commercial production of its planned electric pick-up truck and warned there is now "substantial doubt" about its ability to stay in business over the next 12 months.

In an amended annual report, the company said it had $259.7 million in cash on hand as of March 31, after posting a net loss of $125.2 million over the previous three months.

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