Burns Sells More Lordstown Stock; Total Haul Nears $50M

LORDSTOWN, Ohio – The founder and former CEO of Lordstown Motors, Steven S. Burns, this week sold 4.75 million shares of Class A common stock for a total sum of $9.2 million.

According to regulatory filings, Burns now holds 30.6 million shares.

The sales took place Tuesday, at $1.97 per share, and Wednesday, at $1.70 per share.

On Monday, Lordstown Motors announced that Foxconn would make an equity investment of $170 million into the company. On Tuesday the company said it’s making progress on the planning and pre-development of its next electric vehicle, which it plans to manufacture with Foxconn. That send the share price up to $2.39.

The stock closed Friday at $1.68 with trading volume of 11.06 million shares.

On Nov. 8, when Burns sold most of his shares, trade volume was 42.1 million shares, with a day-high price of $2.39 per share.

Burns resigned in June 2021 after an internal investigation determined that company executives made misleading statements regarding pre-orders of the company’s first vehicle, the all-electric Endurance pickup.

At the time of his departure, Burns held 26.25% of stock in Lordstown Motors.

Adding the most recent and previous stock sales — at share prices near $2.50, the former CEO’s total haul is nearly $50 million.

According to earlier regulatory filings, half of Burns’ shares were locked until October 2021. The other half of his shares were under lock until October 2022.

Burns began selling his shares in November 2021.

Pictured at top: Steven S. Burns in 2021.

Copyright 2022 The Business Journal, Youngstown, Ohio.