LORDSTOWN, Ohio (WKBN) – The man who founded Lordstown Motors, Steve Burns, has agreed to buy the company’s assets for $10 million.
What we don’t know are his future plans for Lordstown Motors and whether the all-electric Endurance pickup will still be built and sold.
In a bankruptcy court filing on Friday, it was announced that Burns’ company, LAS Capital, will be buying Lordstown Motors.
The assets include the design, production and sale of electric light-duty vehicles.
Two years ago, Burns and former CFO Julio Rodriquez resigned over the accuracy of some of the company’s statements.
Burns has personally guaranteed the $10 million purchase price and has deposited $1 million into an escrow account.
The agreement can be terminated if the deal is not closed by October 31.
We tried contacting Burns but have not heard back.