Lordstown Motors founder buys company assets out of bankruptcy

The soap opera that is Lordstown Motors is taking yet another unusual turn. The company founder and former CEO is paying $10 million to buy the electric pickup maker’s assets out of bankruptcy.

Lordstown’s “selling entities” said in a Securities and Exchange Commission filing Friday that Steve Burns made the only qualified bid for the assets. Burns founded the company in 2019 and brought it public through a merger with a special purpose acquisition company in 2020.

Burns and former Chief...


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