Lordstown Motors Corp. - RIDE STOCK NEWS

Lordstown Motors Corp. (Nasdaq: RIDE) announced significant management shifts on June 14, 2021, as it transitions from R&D to commercial production. Angela Strand has been appointed as the Executive Chairwoman and Becky Roof as Interim CFO, replacing CEO Steve Burns and CFO Julio Rodriguez, both of whom resigned. The company aims to launch limited production of the Lordstown Endurance electric pickup in late September. Key executives include Rich Schmidt as President and Jane Ritson-Parsons as COO, enhancing leadership capabilities as the company approaches commercialization.

Lordstown Motors (Nasdaq: RIDE) announced that the Special Committee of its Board found the allegations from the Hindenburg Report largely false. The report questioned the demand for the Endurance truck, its production timeline, and the viability of its technology. Investigations revealed that while production may face delays, the September 2021 target remains achievable. The hub motor technology is deemed viable, and a previous truck fire was an isolated incident. However, accuracy issues regarding pre-orders were noted, with some being non-binding and lacking the financial capacity for large purchases.

Lordstown Motors Corp. (NASDAQ: RIDE) received a notice from Nasdaq on May 28, 2021, indicating non-compliance with Listing Rule 5250(c)(1) for not filing its Q1 2021 Form 10-Q. The notice does not affect the trading of RIDE shares and provides a 60-day period, until July 27, 2021, for the company to file the report or present a compliance plan. The company intends to file the report promptly.

Lordstown Motors (RIDE) reported a first-quarter 2021 net loss of $125 million, with capital expenditures of $53 million and cash reserves of $587 million as of March 31, 2021. The company is on track for production to begin in late September 2021, planning to complete 57 prototypes and commence pre-production builds in July. However, it has revised operating expense guidance upwards by $115 million, necessitating a search for additional capital to meet financial needs. The company aims to secure an Advanced Technology Vehicle Manufacturing loan and expects limited production in 2021.

Lordstown Motors Corp. (Nasdaq: RIDE) announces Lordstown Week, a special event at its Ohio headquarters from June 21-25, 2021. This weeklong event will feature factory tours, presentations, and test drives of the Lordstown Endurance, the world's first all-electric commercial pickup truck.

Attendees, including investors and partners, will experience the preparations for early production units slated for late September 2021. Lordstown Motors aims to transform Ohio's Mahoning Valley into a hub for electric vehicle manufacturing.

Lordstown Motors Corp. (Nasdaq: RIDE) has announced a rescheduled release date for its first quarter 2021 financial results, now set for May 24, 2021, after market close. This update comes ahead of a conference call scheduled for 4:30 p.m. Eastern Time, accessible via a live webcast. Lordstown Motors, located in Ohio, aims to manufacture the all-electric Lordstown Endurance pickup truck for commercial fleets, seeking to transform the region into a hub for electric vehicle production.

Lordstown Motors Corp. announced a restatement of its 2020 financial statements following SEC guidance on SPAC warrant accounting. The company will reclassify some warrants from equity to liability, changing the accounting model to mark-to-market. This restatement affects the previously reported financial condition but does not impact periods before the business combination with DiamondPeak Holdings Corp. As of December 31, 2020, the company had 13,380,680 warrants outstanding, which decreased to 3,955,907 warrants by March 31, 2021.

Lordstown Motors Corp. (Nasdaq: RIDE) will announce its first quarter 2021 financial results before market open on May 17, 2021. A conference call is scheduled for 10:00 a.m. Eastern Time, accessible via a live webcast on their Investor Relations website. The company aims to be a leader in electric light-duty trucks for commercial fleets, with plans to produce the Lordstown Endurance, the world's first full-size all-electric pickup truck. Lordstown Motors emphasizes its focus on transforming the local manufacturing landscape in Ohio.

Lordstown Motors Corp. (Nasdaq: RIDE) reported a net loss of $101 million for the full year 2020, with cash reserves of $630 million. The company is on track to start production of its all-electric Endurance pickup truck in September 2021 and has received robust interest from commercial fleet customers. A capital expenditure range of $250-$275 million is expected for 2021 to increase production capacity and develop a second vehicle. Operating expenses are projected between $40-$45 million and R&D costs between $180-$190 million.