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LORDSTOWN MOTORS RECEIVES $400 MILLION INVESTMENT FROM HEDGE FUND

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The Detroit News

Lordstown Motors Corp. has received a $400 million equity investment from a New Jersey-based hedge fund to help the startup launch and accelerate production of its Endurance electric truck in September. The Ohio-based startup and YA II PN Ltd., a fund managed by New Jersey-based Yorkville Advisors Global LP, formed an equity purchase agreement on July 23 in which YA agreed to purchase up to $400 million of Lordstown’s Class A common stock with the price equaling or exceeding $7.48 per share, according to a filing Monday with the Securities and Exchange Commission. Lordstown’s stock jumped 10% …

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Written by MC&T Staff

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