What's Going On With Lordstown Motors Stock Thursday

Lordstown Motors Corp RIDE shares are trading higher after founder Steve Burns relinquished his remaining stake in the company. 

The former CEO offloaded 581,000 shares on May 23 for an average price of 27 cents apiece, just before the startup executed a reverse stock split. 

He sold another 200,000 shares for $3.74 each on May 24 and his remaining 591,752 shares for $4.99 on June 16.

Burns, who resigned as CEO in 2021 after the board found proof of inaccurate preorder statements, has sold about $66 million of stock through mid-June as the company has struggled with production issues and the Hon Hai Precision Industry Co Ltd HNHPF Foxconn Ventures Pte Ltd fight, Bloomberg reports.

In May, Lordstown warned that it might have to file bankruptcy after Foxconn sought to withdraw from an agreement for a $170 million investment.

Price Action: RIDE shares are trading higher by 2.25% at $3.64 premarket on the last check Thursday.

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