Lordstown Motors Attracts DoJ Probe: WSJ

July 16, 2021 1:36 PM | 1 min read |

Electric truck company Lordstown Motors Corp RIDE confirmed that the Department of Justice is investigating its 2020 reverse merger deal and preorders for its forthcoming pickup truck, the Endurance, the Wall Street Journal reports.
The DoJ investigation follows an SEC investigation. The SEC had sent two subpoenas requesting documents and information regarding its Oct. merger deal with publicly traded special-purpose acquisition company (SPAC) DiamondPeak Holdings Corp.
The SEC also sought data regarding its preorder book for its all-electric pickup truck, which signifies Endurance's demand potential.
Already the company has burnt enough cash and is in dire need of capital infusion.
Price action: RIDE shares traded lower by 2.31% at $8.69 on the last check Friday.