Lordstown Motors’ founder and former CEO is buying the bankrupt EV maker’s assets, according to a September 29 filing with the U.S. Securities and Exchange Commission (SEC).
Lordstown’s “selling entities” said in the filing that Steve Burns made the only qualified bid for what’s left of Lordstown, which filed for bankruptcy in late June. Burns founded the company in 2019 and brought it through a special purpose acquisition company (SPAC) merger in 2020, FreightWaves explains in a timeline of Lordstown’s short existence.
The former CEO of Workhorse, Burns set up Lordstown to acquire the idled General Motors factory in its namesake Ohio town. GM had built cars at the site since 1966 but shut the factory down in March 2019. Lordstown’s stated goal was to use the plant to manufacture electric trucks, aimed mainly at commercial fleets.
Under Burns’ leadership, Lordstown promised an
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