Lordstown Motors Stock Climbs 14% on ‘Lordstown Week’ Announcement
LORDSTOWN, Ohio – Shares of Lordstown Motors Corp. shot up more than 14% on Monday after the company announced it would open its doors to investors, customers, analysts, and members of the media.
Lordstown Motors’ stock closed at $8.40 on Monday, up 14.6% from Friday’s close of $7.33.
The company announced Monday that it would host shareholders, customers and industry analysts during “Lordstown Motors Week,” a five-day event at its manufacturing plant from June 21 to June 25. It also included three days for media coverage at the factory, June 21 through June 23.
Lordstown Motors is in its beta test production phase of the Endurance, billed by the company as the world’s first all-electric commercial pickup. Full production of the Endurance is scheduled to begin near the end of September.
“Investors, analysts, customers and partners will spend time with the management team and tour the Lordstown Motors facilities to experience firsthand how the production team is preparing the plant for the ramp up to be ready for the beginning of early production units of the Endurance in late September of this year,” the company said Monday.
The event will include factory tours, presentations and test drives of the Endurance.
Share prices of Lordstown Motors, traded under the stock ticker RIDE, have experienced a dramatic slide since March, after a scathing short-sellers report alleged the company faked pre-orders of the Endurance.
The company’s stock price was also hampered by the disclosure in March of an inquiry by the U.S. Securities and Exchange Commission.
Last week, share prices hit their 52-week low of $6.69. The company’s 52-week high hit $31.80 per share in February.
Lordstown Motors purchased the former General Motors plant in Lordstown in November 2019. It announced a merger in August 2020 with DiamondPeak Holdings Corp., a publicly traded special purpose acquisition company, or SPAC.
The merger was completed Oct. 23, and Lordstown Motors was listed on the NASDAQ exchange on Oct. 26.
Copyright 2021 The Business Journal, Youngstown, Ohio.