Lordstown Motors

Lordstown Motors Announces ‘Live From Lordstown’ Virtual Tour

LORDSTOWN, Ohio – Lordstown Motors Corp. announced this morning that it would host “Live From Lordstown,” a virtual tour and preview of the startup electric vehicle manufacturer’s operations on Friday, June 25.

The event caps off “Lordstown Motors Week,” a five-day open house the company has planned for institutional investors, analysts and media during the week of June 21.

“As we prepare to open our doors to institutional investors, fleet customers and analysts, we want to give our fans and retail investors an opportunity to join us – virtually – at Lordstown Week,” the company said in a statement.

The virtual presentation will include a tour of the plant, a preview of the Lordstown Motors vehicle lineup and a ride-along experience in the 2021 Lordstown Endurance.  The presentation will be followed with a live question and answer session with Lordstown Motors executives.

Lordstown Motors is preparing to launch the first all-electric commercial pickup, the Endurance, in late September. 

Those interested in participating in the event can visit the company’s website at LordstownMotors.com on June 25 at 2:30 p.m.

Shares of Lordstown Motors, which trades under the Nasdaq symbol RIDE, were higher Tuesday morning, coming off a week that saw its stock climb significantly from the previous week.

At 10:40 a.m., RIDE shares were up 10% at $14.78 per unit.  This is in addition to a 27% gain the automaker posted last week.

On Friday, Lordstown Motors received a notice from Nasdaq that it was delinquent in filing its form 10-Q for earnings during the quarter ended March 31. 

The notice was expected, the company said, and has no immediate effect on Lordstown Motors’ listing or trading on Nasdaq.

Under Nasdaq rules, the company has 60 days after it receives the notice – to July 27 – to file its quarterly report or submit a plan to regain compliance with the Nasdaq listing.  The company said it would file the financial documents “as soon as possible within the timeline prescribed by Nasdaq.”

Lordstown Motors said May 18 it would delay its quarterly filings on its form 10-Q until it could file a restated annual report.  

The company had earlier said it would restate its 2020 earnings because of new guidelines issued by the Securities and Exchange Commission. These new guidelines reclassify stock warrants issued at the time of Lordstown Motors’ merger with DiamondPeak Holdings Corp. as liabilities, not assets. DiamondPeak, a special-purpose acquisition company, took Lordstown Motors public in October.

Copyright 2021 The Business Journal, Youngstown, Ohio.