Shares of U.S. electric vehicle automaker Lordstown Motors (RIDE) plunged around 20% in early trading on Monday after the resignation of its CEO Steve Burns and CFO Julio Rodriguez. Lordstown went public in October last year through a special purpose acquisition company (SPAC). Last week, the company issued a "going concern" warning in its latest quarterly filing and raised legitimate concerns on whether it will be able to continue operations over the next year. Furthermore, the company announced numerous changes to its management team as it transitions from the R&D and early production phase to the commercial production phase of its business.
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Lordstown Motors (NASDAQ:RIDE)
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