NU Ride Inc (NRDE)

[jaybiscuit]

On June 8, 2021, Lordstown Motors amended its annual report with the SEC and said that the company did not have enough money to begin commercial production of its vehicle, and that Lordstown Motors is at risk of bankruptcy.[21] Subsequently, both the CEO Steve Burns and CFO Julio Rodriguez resigned from their positions on June 14. While the official press release states this is in anticipation of changing from R&D to Production, the non-binding nature of the pre-sale agreements has been brought into question after revelations that the largest three purchasers were not committed to acquiring the Lordstown production vehicle (and most did not have the means to even do so if they wanted to). An independent investigation commissioned by the board found that the pre-order agreements were overstated in number and in seriousness in order to generate press.