Electric vehicle company sells majority of its stake in Lordstown Motors

Local News
Lordstown Motors gets $400 million investment

FILE – In this June 22, 2021, file photo, employees stand near Endurance truck beds during a media tour of the Lordstown Motors complex in Lordstown, Ohio. Lordstown Motors, an Ohio company that has come under scrutiny over the number of orders it claimed it had for the electric trucks that it wants to produce, acknowledged that it has received two subpoenas from federal regulators and that prosecutors in New York have opened an investigation. The Securities and Exchange Commission asked in a pair of subpoenas for documents related to the company’s merger with DiamondPeak, a special purpose acquisition company. (AP Photo/David Dermer, File)

LORDSTOWN, Ohio (WKBN) – Workhorse announced it’s selling a big portion of its interest in Lordstown Motors Corp.

Workhorse is the Cincinnati-based electric vehicle company out of which Lordstown Motors was created.

Workhorse is now saying it’s sold 12 million shares of LMC stock, or roughly three-quarters of its stake.

This comes after Workhorse announced a $52 million second quarter loss.

Shares of Lordstown Motors stock closed at $5.97 Monday. That’s actually up about 4 cents a share.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending on WKBN.com