The man who founded Lordstown Motors with the dream of making electric-powered pickup trucks has now sold the remainder of his stock in the company.

According to a government filing, Steve Burns sold 581,000 shares of common stock for .27 cents a share on May 23, one day before Lordstown Motors initiated a reverse stock split to keep from being delisted from the Nasdaq stock exchange.

The split succeeded in pumping up the value of Lordstown Motors common stock which Nasdaq had threatened to delist because it had fallen below $1 per share for 30 consecutive days.

Burns became CEO of Lordstown Motors after announcing in 2018 that he was negotiating with General Motors to purchase its former Lordstown Assembly Plant here to manufacture electric-powered pickup trucks, which eventually became known as the Endurance.

In 2021, Burns left his role as Lordstown Motors CEO after 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.”

Although the committee concluded that Hindenburg’s report was false and misleading, it found some credence in claims about inaccurate pre-order disclosures made by LMC.

In recent years, Burns has been making piecemeal sales of Lordstown Motors stock that he had retained after his departure.

Despite its success in getting Nasdaq to withdraw the delisting threat, Lordstown Motors continues to have a contentious relationship with Taiwanese electronics giant Foxconn.

Lordstown Motors has threatened legal action if Foxconn nixes a previously announced deal to purchase 10% of Lordstown Motor’s stock, which would bring a needed $47.3 million investment.

The dispute with Foxconn has Lordstown Motors raising the possibility of filing bankruptcy if the company doesn’t get the cash needed to survive.