US SEC charges Lordstown Motors with misleading investors about flagship EV

By Thomson Reuters Feb 29, 2024 | 3:36 PM

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission said on Thursday it charged Lordstown Motors Corp with misleading investors about the sales prospects of its flagship electric pickup truck, the Endurance.

Lordstown, which filed for bankruptcy in 2023, went public by merging with a special purpose acquisition company (SPAC) in 2020. Without admitting or denying the SEC’s findings and subject to bankruptcy court approval, Lordstown agreed to a cease-and-desist order and disgorgement of $25.5 million, the SEC said.

(Reporting by Kanishka Singh in Washington)