(Bloomberg) — Lordstown Motors Corp. jumped after saying it has enough money to make its electric trucks through May of next year, paring a record decline the previous day following the departure of two top executives.
The automaker is actively raising additional funds and has reconfirmed orders for its vehicles, President Rich Schmidt said Tuesday at an Automotive Press Association event in Detroit.
The shares climbed 10% top $10.19 at 1:35 p.m. in New York, clawing part of their way back from a 19% plunge on Monday.
The company warned last week it might not have enough cash to fund development of its first truck or even survive the next 12 months if it can’t raise more capital. Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez resigned from the company after the board found evidence of inaccurate statements, Lordstown said Monday.
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