Lordstown Motors' rough road continues; CEO and CFO are out

The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup continue to mount

The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup continue to mount. CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said early Monday, sending shares already down 40% this year tumbling 16% at the opening bell. The departures come less than a week after Lordstown cautioned that it may not be in business a year from now as it struggles to secure funding to begin full production. In a quarterly regulatory filing, the company said that the $587 million it had on hand as of March 31 isn’t enough to begin commercial production of its full-sized electric pickup, called the Endurance, at a former General Motors plant in Ohio near Youngstown. Yet Lordstown ran into trouble not long after it became a publicly traded company last year through a merger with a special-purpose acquisition company. Going public through a so-called SPAC is typically quicker than traditional initial public offerings that are usually handled by major financial institutions.