Lordstown Motors shares slump most on CEO exit

Selling pressure: A file picture showing Lordstown Motors’ electric Endurance pick-up truck. Burn’s resignation is the latest setback to the one-time SPAC star. — AP

OHIO: Lordstown Motors Corp shares took their biggest one-day drop ever after its two top executives stepped down and the electric truckmaker’s board found evidence of inaccurate statements, dimming the shine of the one-time special purpose acquisition companies or SPAC star.

Chief executive officer Steve Burns and chief financial officer Julio Rodriguez have resigned from the company, effective immediately, the company said in a statement yesterday. Burns declined to comment about his exit in a text message.