Steve Burns sheds more Lordstown Motor Corp. stock

Total amount grows to more than $59 million

LORDSTOWN — More than $59 million is the amount Steve Burns, the former chief executive of Lordstown Motors Corp., has acquired from selling stock he owns in the startup he founded to make electric vehicles.

The latest sell-off was 5 million shares of common stock worth about $4.3 million, according to a form filed with the U.S. Securities and Exchange Commission, a federal regulatory agency that oversees securities exchanges, investment advisers, securities dealers, and brokers and mutual funds.

The form filed Tuesday shows the stock was sold in multiple transactions Friday at an average price of 87 cents per share — the 52-week low for the stock that trades on the Nasdaq exchange under the RIDE ticker.

Burns still owns more than 21 million shares of the company, or 9.9 percent, according to another regulatory form.

He began shedding his stock in November 2021. So far, he has unloaded more than 24 million shares worth a little more than $59 million.

Before the latest transaction, Burns on Nov. 11, 14 and 15 sold more than 3.9 million shares for about $6.9 million. On Nov. 8 and 9, he sold more than 4.7 million shares for more than $9.2 million.

In February, he sold more than 5.2 million shares for about $13.5 million and followed that with selling 2.5 million shares for about $6.1 million in March.

He founded the company in 2019 to mass produce electric work trucks and worked out an agreement with General Motors to purchase its former Lordstown small-car assembly plant to manufacture the vehicles for just $20 million.

Burns resigned in June 2021 without a stated reason by Lordstown Motors, but his departure was in sync with an admission by the company that statements regarding preorders for the company’s first vehicle, the Endurance, were inaccurate.

Under the new leadership, the company sold the plant to global electronics and technology firm Foxconn for $230 million last year and has shifted away from manufacturing toward engineering and developing electric vehicles.

The Endurance is being produced in limited numbers by Foxconn.

Lordstown Motors stock closed trading Wednesday at $1.08 per share, up 3.3 percent.


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