Lordstown Motors Late With First-Quarter Report

Lordstown is late with its first-quarter-earnings report to the SEC. It now has until July 27 to file.
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Lordstown Motors  (RIDE) - Get Report shares eased Monday after the electric-truck maker said that Nasdaq informed the company it’s not in compliance with listing rules.

The problem: The Lordstown, Ohio, company hasn’t yet filed its quarterly report for the period ended March 31. 

“The notice has no immediate effect on the listing or trading of the company’s common stock” on Nasdaq, Lordstown said in a Friday statement.

“Under Nasdaq listing rules, the company has 60 calendar days from the date it received the notice, or until July 27, 2021, to file the Q1 2021 form 10-Q with the [Securities and Exchange Commission] or submit a plan to regain compliance with the Nasdaq listing rules,” Lordstown said.

“We plan to file the Q1 2021 form 10-Q as soon as soon as possible within the timeline prescribed by Nasdaq.”

Lordstown stock recently traded at $12.45, down 0.4%. It has declined 47% in the past six months, hurt partly by a sharply critical March report from investment Hindenburg, which said it took a short position in the stock.

Last month, Lordstown posted a wider-than-expected first-quarter loss and said 2021 production of its Endurance truck will be half prior expectations.

Lordstown reported a net loss of $125 million, or 72 cents a share, compared with a loss of $11.9 million, or 16 cents a share, in the year-earlier period.

Analysts surveyed by FactSet were expecting the company to report a loss of 28 cents a share.

In May, Lordstown was downgraded by Wolfe Research to underperform from peer perform. And Wolfe sliced its share-price target to $1 from $18.