Last-mile electric delivery truck and drone manufacturer Workhorse Group Inc. lost $52.1 million when it sold nearly three-quarters of its stock in Lordstown Motors Corp. over five weeks earlier this year, according to a regulatory report.

The Cincinnati-based technology company sold 11.9 million shares of its Class A common stock July 1 to Aug. 6 at an average price of $6.67 per share, netting Workhorse Group $78.8 million after expenses.

The company had owned 16.5 million shares as of June 30, worth about $182.3 million it reported in Monday’s filing with the U.S. Securities and Exchange Commission.

After Workhorse Group reported its reduced stake, stock in Lordstown Motors — traded under the RIDE ticker on the Nasdaq — started to trade down, but closed Monday up 10 cents at $5.97 per share. The stock has lost 70 percent of its value since the start of the 2021.

Workhorse Group and Lordstown Motors early on partnered on a three-year license agreement that gives Lordstown Motors access to certain intellectual property in exchange for 10 percent stake in the company, which plans to launch its all-electric pickup truck, the Endurance, in limited production sometime next month.

Both companies were founded by Steve Burns in 2019. He stepped down as CEO in mid June and was replaced by interim CEO Angela Strand, an independent director for Lordstown Motors who from 2011 to 2015 was vice president of Workhorse Group.

Lordstown Motors became a publicly traded company in October following a merger with special purpose acquisition company DiamondPeak Holdings Corp. of New York.

Special purpose acquisition companies, or SPACs, have gained prominence this year as a quick route to becoming publicly traded and listing shares on an exchange.

SPACs can cut up to 75 percent off the time it takes for a company to get its stock trading on an exchange, versus the traditional process of an initial public offering. SPACs can also make it easier to get prospective buyers on board. Companies going the SPAC route often feel more license to highlight projections for big growth they’re expecting in the future, for example. In a traditional IPO, the company is limited to listing its past performance, which may not be a great selling point for young startups that typically fail to put up big profits or revenue.

The merger is the subject of a probe by the SEC, which has issued two subpoenas in their investigation that also includes preorders. The U.S. attorney’s office in Manhattan also has opened a probe into the matters.

Lordstown Motors has scheduled its second quarter 2021 financials for after the market closes Wednesday. In May, the company reported a first quarter operating loss of $125 million. It’s also when the company sharply lowered it production estimate to about 1,000 units this year without additional funding.

Last month, Lordstown Motors announced it has a deal with a hedge fund to pump $400 million into the company that has expressed doubt it could meet its financial obligations.

The Associated Press contributed to this report.