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Posted 07 March, 2024

Lordstown Motors Corp. appointed new CEO

CEO Change detected for ticker OTC:RIDEQ in a 8-K filed on 07 March, 2024.


  Additional detail regarding each of the proposed members of the New Board and the new Chief Executive Officer and President to be appointed by the New Board, as identified to the Company by the Equity Committee as of the date hereof, is provided in the Form 10-K.  

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Overview of Lordstown Motors Corp.
Automotive • Automobiles
Lordstown Motors Corp. is an automotive company, which engages in the design and manufacture of light duty electric trucks targeted for sale to fleet customers. The firm develops its flagship vehicle, the Endurance, an electric full-size pickup truck. The company was founded on November 13, 2018 and is headquartered in Lordstown, OH.
Market Cap
N/A
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Lordstown Motors Corp. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


The information set forth above in Item 1.03 under the heading "Company Name; Corporate Governance" is incorporated herein by reference.


Each of the Company's current directors (Daniel A. Ninivaggi, Joseph B. Anderson, Jr., Keith Feldman, David T. Hamamoto, Edward T. Hightower, Jane Reiss, Laura J. Soave, Dale Spencer, and Angela Strand), will cease to be directors of the Company on the Effective Date.


In addition, the employment of the Company's remaining executive officers, Messrs. Ninivaggi, Hightower and Kroll, is expected to terminate as of the Effective Date and each is expected to enter into a severance agreement with the Company on the terms previously approved by the board of directors and the Bankruptcy Court to settle any obligations with respect to such termination under their respective employment agreements.


Additional detail regarding each of the proposed members of the New Board and the new Chief Executive Officer and President to be appointed by the New Board, as identified to the Company by the Equity Committee as of the date hereof, is provided in the Form 10-K.


Cautionary Note Regarding Trading in the Company's Class A Common Stock


The Company's stockholders are cautioned that trading in shares of the Company's Class A common stock during the pendency of the Chapter 11 Cases and after the Effective Date remains highly speculative and will pose substantial risks. Trading prices for the Company's Class A common stock may bear little or no relation to actual value, if any, remaining for holders thereof following the Chapter 11 Cases and the trading market (if any) may be very limited. In addition, the Plan includes the NOL Trading Restrictions, which are designed to enable the Company to optimize its tax attributes following the Effective Date and generally restrict transactions involving any person or group of persons that is or as a result of such a transaction would become a substantial stockholder (i.e., would beneficially own, directly or indirectly, 4.5% or more of all issued and outstanding shares of Class A common stock). Accordingly, the Company urges extreme caution with respect to existing and future investments in its Class A common stock.