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☆ Lordstown Motors ex-CEO approved to buy company assets for $10 mln
▼ + stars: | 2023-10-18 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Lordstown Motors logo and decreasing stock graph are seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Electric vehicle company Lordstown Motors received U.S. bankruptcy court approval Wednesday to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, will acquire Lordstown's intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The sale does not include any rights to pursue legal claims against Lordstown's directors, officers or equity owners, which will remain with the bankrupt company, Lordstown Motors' attorney David Turetsky said at the court hearing. Several investor groups have already brought claims against Lordstown and its directors, alleging that the electric truck startup misled consumers and investors about its ability to ramp up electric vehicle production.

Persons: Dado, Stephen Burns, Burns, Mary Walrath, David Turetsky, Apple's, Jennifer Madden, Madden, Foxconn, Lordstown, Lordstown's, Julio Rodriguez, Dietrich Knauth, Alexia Garamfalvi, David Evans Organizations: REUTERS, Lordstown Motors, LAS Capital, Lordstown, Hai Precision Industry, LAS, U.S . Department of Transportation, Foxconn, Capital, Thomson Locations: Wilmington , Delaware, Delaware, Taiwan's, Lordstown, Ohio

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit

☆ Lordstown Motors founder sells remaining stake in EV startup
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Lordstown Motors (RIDE.O) founder and former CEO Stephen Burns has sold his entire stake in the electric-vehicle maker, according to a regulatory filing. The company in May implemented a reverse stock split to comply with Nasdaq's minimum $1 listing requirement and appease investor Foxconn (2317.T) that had threatened to scrap a $170 million funding in the cash-strapped company. Burns has sold his stake in three transactions between May and June, about 581,000 shares were divested before the reverse stock split and 791,572 shares after, the filing on Wednesday showed. The EV startup declined to comment on the stake sale. Earlier this month, Lordstown Motors said it planned to take legal action against Taiwanese contract manufacturer Foxconn to ensure the planned purchase of nearly 10% of the company's shares was not derailed.

Persons: Stephen Burns, Foxconn, Burns, Julio Rodriguez, Hindenburg, Lordstown, Hindenburg's, Tanya Jain, Shinjini Organizations: Lordstown Motors, Thomson Locations: Bengaluru

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