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BREAKING | Lordstown Motors has doubts it can continue

By Mahoning Matters staff and Justin Dennis
Lordstown Motors’ new all-electric Endurance pickup truck was unveiled Thursday at the Lordstown plant. (William D. Lewis | Mahoning Matters)
Lordstown Motors’ new all-electric Endurance pickup truck was unveiled Thursday at the Lordstown plant. (William D. Lewis | Mahoning Matters)

[EDITOR'S NOTE: This story has been corrected to reflect the correct closing price of Lordstown Motors stock on Tuesday, which was $11.22 per share.]

LORDSTOWN — Lordstown Motors Corp. has amended its annual financial report to the SEC to include new risk factors — mainly, its ability to "continue as a going concern."

The electric vehicle startup's Tuesday filing states lack of cash would keep it from reaching its goal of bringing to market its all-electric pickup truck, the first units of which the company expected to start rolling off the line in late September.

"Our ability to continue as a going concern is dependent on our ability to complete the development of our electric vehicles, obtain regulatory approval, begin commercial scale production and launch the sale of such vehicles," reads the filing.

"We believe that our current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch of sale of such vehicles. These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of the unaudited condensed consolidated financial statements included in this report."

In the half-hour after the filing was first reported to market close, shares of Lordstown Motors (NASDAQ: RIDE) plummeted nearly 28 percent, to close at $11.22, down from $15.52.

This is a developing story. Check back at MahoningMatters.com for updates.

This story was originally published June 8, 2021 at 4:12 PM with the headline "BREAKING | Lordstown Motors has doubts it can continue."