Filed
Pursuant to Rule 424(b)(3)
Registration No. 333-250045
PROSPECTUS SUPPLEMENT NO. 7
(to Prospectus dated April 6, 2022)
Up to 72,133,238 Shares of Class A Common Stock
Up to 2,314,418 Shares of Class A Common Stock
Issuable Upon Exercise of Warrants Up to 2,314,418 Warrants
This prospectus supplement supplements the prospectus
dated April 6, 2022 (as amended and supplemented from time to time, the “Prospectus”), which forms a part of our registration
statement on Form S-l (No. 333-250045). This prospectus supplement is being filed to update and supplement the information in
the Prospectus with the information contained in our Current Report on Form 8-K filed with the Securities and Exchange Commission
on July 12, 2022 (the “Current Report”). Accordingly, we have attached the Current Report
to this prospectus supplement.
The Prospectus and this prospectus supplement
relate to the issuance by us of up to an aggregate of up to 2,314,418 shares of our Class A common stock, $0.0001 par value per share
(“Class A common stock”), that are issuable upon the exercise of 2,314,418 warrants (the “Private Placement Warrants”)
originally issued in a private placement in connection with the initial public offering of DiamondPeak Holdings Corp. (“DiamondPeak”).
We will receive the proceeds from any exercise of any Private Placement Warrants for cash.
The Prospectus and this prospectus supplement
also relate to the offer and sale from time to time by the selling securityholders named in the Prospectus (the “Selling Securityholders”)
of (i) up to 72,133,238 shares of Class A common stock (including up to 1,220,230 shares of Class A common stock that have
been issued and up to 2,314,418 shares of Class A common stock that may be issued upon exercise of the Private Placement Warrants
and up to 1,649,489 shares of Class A common stock that may be issued upon exercise of BGL Warrants (as defined in the Prospectus))
and (ii) up to 2,314,418 Private Placement Warrants. We will not receive any proceeds from the sale of any shares of Class A
common stock or Private Placement Warrants by the Selling Securityholders pursuant to this Prospectus and this prospectus supplement.
We are registering the securities for resale pursuant
to the Selling Securityholders’ registration rights under certain agreements between us and the Selling Securityholders. Our registration
of the securities covered by the Prospectus and this prospectus supplement does not mean that the Selling Securityholders will offer or
sell any of the securities. The Selling Securityholders may sell the shares of Class A common stock and Private Placement Warrants
covered by the Prospectus and this prospectus supplement in a number of different ways and at varying prices. We provide more information
about how the Selling Securityholders may sell the securities in the section entitled “Plan of Distribution.”
Our Class A common stock is listed on the
Nasdaq Global Select Market under the symbol “RIDE.” On July 11, 2022, the closing price
of our Class A common stock was $1.73 per share.
This prospectus supplement updates and supplements
the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus,
including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there
is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this
prospectus supplement.
See the section entitled “Risk Factors”
beginning on page 5 of the Prospectus to read about factors you should consider before buying our securities.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is July
12, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
July 11, 2022
LORDSTOWN MOTORS
CORP.
(Exact name of registrant as specified in its charter)
Delaware |
001-38821 |
83-2533239 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
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2300 Hallock Young Road |
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Lordstown, Ohio 44481 |
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(Address of principal executive offices, including zip code) |
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Registrant’s telephone number, including area code: (234) 285-4001 |
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant
to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Class A common stock, par value $0.0001 per share |
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RIDE |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02 Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 12, 2022, Lordstown Motors Corp. (the “Company”)
announced changes to its management team, including certain executive officer positions.
Effective July 12, 2022, the Board
of Directors (the “Board”) appointed the Company’s current Chairman of the Board and Chief Executive Officer, Daniel
A. Ninivaggi, to serve as the Executive Chair of the Board, and Edward T. Hightower, the Company’s current President, to serve as
Chief Executive Officer and President. In addition, the Board increased the size of the Board from eight to nine members and appointed
Mr. Hightower as a Class III director of the Board, with a term ending at the annual meeting of stockholders in 2023.
In addition, Dr. Donna Bell joined
the Company as its Executive Vice President – Product Creation, Engineering and Supply Chain effective as of July 11, 2022.
Mr. Ninivaggi, age 58, has served
as the Company’s Chief Executive Officer since August 2021 and Chairman of the Board since May 2022. He has served as Chairman of
Garrett Motion Inc. since April 2021 and served as an independent consultant from September 2019 to August 2021. Mr. Ninivaggi served
as Chief Executive Officer of Icahn Automotive Group, LLC (“Icahn Automotive”) and Managing Director of Icahn Enterprises
L.P. (“IEP”) - Automotive Segment from March 2017 through August 2019. IEP is a publicly traded diversified holding
company and Icahn Automotive is a wholly-owned subsidiary of IEP. Prior to that, from February 2014 until March 2017, Mr. Ninivaggi served
as Co-Chairman (from May 2015) and Co-CEO of Federal-Mogul Holdings Corp., an $8 billion automotive supplier (subsequently acquired by
Tenneco, a publicly traded component supplier to automotive, commercial vehicle and industrial original equipment manufacturers and the
independent automotive aftermarket). Mr. Ninivaggi was President and Chief Executive Officer of IEP between 2010 and 2014, at which time
IEP operated through ten diverse operating segments. Mr. Ninivaggi has served as the Chairman of Garrett Motion Inc., a publicly traded
manufacturer of turbochargers and electro-boosting technologies for vehicle manufacturers, since April 2021 and has served as a director
of numerous other public and private companies, including: Hertz Global Holdings, Inc., a publicly traded car rental company (from September
2014 to June 2021); Metalsa S.A., a privately held manufacturer of frames and other structural components for automotive and commercial
vehicles (Advisory Board); Navistar International Corporation, a publicly traded manufacturer of trucks, buses and engines (from August
2017 to October 2018); Icahn Enterprises G.P. Inc., the general partner of IEP (from 2012 to 2015); CVR Energy, Inc., a publicly traded
independent petroleum refiner and marketer of high value transportation fuels (from 2012 to 2014); CVR GP, LLC, the general partner of
CVR Partners LP, a publicly traded nitrogen fertilizer company (from 2012 to 2014); XO Holdings, a privately held telecommunications company
affiliated with IEP (from 2010 to 2014); Tropicana Entertainment Inc., a publicly traded company primarily engaged in the business of
owning and operating casinos and resorts (from 2011 to 2015); Motorola Mobility Holdings Inc., a publicly traded mobile phone and electronics
manufacturer (from 2010 to 2011); and CIT Group, Inc., a publicly traded bank holding company (from 2009 to 2011). Prior to joining IEP,
Mr. Ninivaggi spent six years at Lear Corporation, a publicly traded Tier 1 automotive supplier specializing, at the time, in seating
systems, interior components and systems as well as electrical and electronic distribution systems and components. Mr. Ninivaggi began
his career at the law firm of Skadden, Arps, Slate, Meagher & Flom LLP before joining Winston & Strawn LLP, where he became partner.
He holds a Bachelor of Arts degree from Columbia University, an MBA from the University of Chicago Graduate School of Business, and a
Juris Doctor degree (with distinction) from Stanford Law School.
Mr. Hightower, age 57, has
served as the President of the Company since November 2021. Prior to joining the Company, Mr. Hightower served as the Managing
director of Motoring Ventures LLC, a global investment and consulting firm for automotive and manufacturing businesses that Mr.
Hightower founded (“Motoring Ventures”), from 2016 to November 2021. At Motoring Ventures, Mr. Hightower advised vehicle
and other manufacturing companies, including the Company, on operations, product launches, production, supply chain issues, mergers
and acquisitions and a range of other matters. From 2013 to 2016, Mr. Hightower served as Vehicle Line Executive / Executive Chief
Engineer — Global Crossovers for General Motors Company, a publicly traded automobile manufacturer. Mr.
Hightower has also served in related roles at Ford Motor Company, a publicly traded automobile manufacturer, and BMW of North
America, Inc., and has more than 30 years of experience in his field. Mr. Hightower has served as a director and member of the audit
committee of Tritium DCFC Limited, a publicly traded developer of DC fast chargers for electric vehicles, since January 2022, and
previously served as a board member of the Michigan Council — Boy Scouts of America, a non-profit organization
dedicated to youth leadership training, from December 2018 to November 2021. The Board believes that Mr. Hightower is well qualified
to serve as a director due to his extensive experience with operations and management in the automotive industry.
Dr. Donna L. Bell, 55, has almost 30 years of automotive
hands-on leadership experience in engineering, product development, purchasing, quality, mobility and autonomous vehicle strategy, and
research. Prior to joining the Company, Dr. Bell has served in various roles at Ford Motor Company, a publicly traded automobile manufacturer
(“Ford”), since 1993, including as Vice President Brand Management and Marketing, Ford Credit from January 2022 to June 2022,
Director, Autonomous Vehicle and Mobility Strategy from November 2020 to January 2022, Global Director, Technology & Features Strategy
and Planning from May 2019 to November 2020, CTO Chief of Staff – Research and Advanced Engineering from September 2018 to May 2019,
and Director, Research Operations Palo Alto Innovation Center from May 2017 to September 2018. Her work in the development of new technology,
including electronic modules and vehicle systems led to her receiving multiple patents. Dr. Bell has also been involved in creating educational
programs for students in science, technology, engineering, and mathematics (STEM) and she has held multiple leadership positions in professional
organizations including the National Society of Black Engineers, Society of Women Engineers, and Ford’s first employee resource
group, FAAN (Ford African Ancestry Network). Dr. Bell currently sits on the Lawrence Technological University Board of Trustees, Wayne
State’s College of Engineering Board of Visitors, Torch of Wisdom Foundation board of directors, and she serves as the co-chair
for Governor Whitmer’s Black Leadership Advisory Council. She holds a bachelor’s degree in electrical engineering from Lawrence
Technological University, two master’s degrees (Electronics and Computer Systems and Engineering Management) and a Ph.D. from Wayne
State University’s School of Engineering.
In connection with Mr. Hightower’s
appointment, on July 12, 2022, the Company entered into an amended and restated employment agreement with Mr. Hightower (“Amended
Hightower Agreement”) to reflect his new position, an increased base salary of $675,000 and an annual bonus at a target equal to
105% of his actual base salary for the fiscal year ending December 31, 2022 and, for each fiscal year thereafter, an annual bonus at a
target equal to 110% of his annual base salary.
In addition, Jane Ritson-Parsons will cease serving as
the Chief Commercial Officer of the Company, effective July 11, 2022, and as an employee of the Company on August 26, 2022. She will continue
to advise the Company as a consultant until February 24, 2023 (the “Consulting Period”). In connection with this transition,
the Company and Ms. Ritson-Parsons entered into a Transition and Consulting Agreement (the “Transition Agreement”), which
replaces her Employment Agreement, dated as of June 18, 2021 and provides for continued base salary payments for her remaining employment
period, and, subject to execution of a customary release following conclusion of her employment, twelve months of continued health-related
employee insurance coverage as in effect immediately prior to termination of employment, continued opportunity for vesting of outstanding
restricted stock unit (“RSU”) awards through December 31, 2022, a monthly consulting fee of $33,333.33 for the Consulting
Period and a two-year non-solicitation and non-competition period following the end of her employment.
The foregoing descriptions do not purport to be complete
and are subject to, and qualified in their entirety by, the full text of the Amended Hightower Agreement and Transition Agreement, copies
of which are attached hereto as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference. A copy of the press release
the Company issued regarding the changes to the executive management team is also attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LORDSTOWN MOTORS CORP. |
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By: |
/s/ Adam Kroll |
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Name: |
Adam Kroll |
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Title: |
Chief Financial Officer |
Date: July 12, 2022
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