Workhorse divests 72% of its Lordstown Motors stock
A company that played a part in launching Lordstown Motors has nearly three-quarters of its stake in the electric pickup truck startup company.
Electric delivery truck manufacturer Workhorse Group revealed in an SEC filing on Monday that it has sold 72% of its RIDE ownership shares since the end of the last quarter. Lordstown Motors trades on the NASDAQ under the RIDE ticker symbol.
Workhorse was founded by Steve Burns, who went on to establish Lordstown Motors. Earlier this year, Burns left Lordstown Motors on the same that LMC disclosed that a special committee looking into a damaging report by Hindenburg Research found “issues regarding the accuracy of certain statements regarding the company’s pre-orders.”
In 2019, Workhorse signed a three-year intellectual property licensing agreement with Lordstown Motors regarding the Workhorse W-15 electric pickup truck in exchange for an initial equity stake of 10% in Lordstown Motors Corporation.
Despite federal investigations into its business practices and investor lawsuits, Lordstown Motors has said it plans to begin limited production of its all-electric Endurance pickup trucks next month.
