Former Lordstown Motors CEO Sheds More Stock

LORDSTOWN, Ohio – Former Lordstown Motors CEO Steve Burns has sold off another 3.9 million shares of stock in the company worth approximately $7 million, according to a regulatory filing released late Tuesday. 

The sale prices ranged at a weighted average of $1.85 on Nov. 11, $1.73 on Nov. 14, and $1.70 per share on Nov. 15, according to documents.

The sales come less than week after the ex-CEO cashed in 4.75 million Lordstown shares worth $9.2 million.

The latest transactions add up to a total of more than $54 million in Lordstown Motors shares Burns has sold since he resigned from the company in June of 2021.

Burns began to shed stock in the company in November 2021. Under an agreement with the company, half of his stock holdings were locked until October 2021 and the other half until October 2022.

Burns, who founded the company in 2019, resigned after an internal investigation found that certain Lordstown Motors executives misled the public and exaggerated the number of pre-orders for the Endurance, the all-electric pickup in limited production at Foxconn’s plant here.

According to regulatory filings, Burns now holds 26,683,745 shares of Lordstown Motors, which trades under the ticker RIDE.

On Tuesday, RIDE stock closed at $1.71 per share, down 54% from the same period a year ago.

Copyright 2022 The Business Journal, Youngstown, Ohio.