Lordstown shares tumbled nearly 20% in moring trading.
Electric-vehicle maker Lordstown Motors Corp. announced the abrupt departure of its two top executives as it attempts to transition from research and development into commercial production of its first model.
The startup said in a statement Monday that Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company, effective immediately.
It is the latest setback for the company, which warned last week it might not have enough cash to fund development of its first truck or even survive the next 12 months if it can’t raise more capital. In March, the startup disclosed a Securities and Exchange Commission probe of its operations after a short seller said its technology was flawed and that pre-orders for its truck were nonbinding.