#EV startup Lordstown backtracks, now says it has no binding orders

Electric-truck maker Lordstown Motors , which recently raised concerns about its ability to remain in business, on Thursday backtracked from earlier comments made by the startup’s president and said it has no binding purchase orders.

At an Automotive Press Association event in Detroit on Tuesday, Lordstown President Rich Schmidt had said, “currently, we have enough orders for production for ’21 and ’22’… Those are firm orders we have for those two years.”

However, in a filing with the U.S. securities regulator on Thursday, the company said, “although these vehicle purchase agreements provide us with a significant indicator of demand for the Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments.”

Shares of the company, which have fallen more than 46 percent this year, were down 1.2 percent at $10.65 in early trading.

On Monday, just days after the company said it may not have enough money to stay in business over the next year, Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez resigned.

The resignations followed the company’s reports of conclusions from an internal investigation into claims made by short-seller Hindenburg. Hindenburg, which took a short position on Lordstown shares in March, alleged that the company had misled consumers and investors.

Although Lordstown declined Hindenburg’s accusations of overstating the viability of its technology and misleading investors about production plans, the company acknowledged that it overstated the quality of pre-orders for its electric truck.

In a filing on Thursday, the company said it pushed its annual meeting of stockholders to Aug. 19 from June 17.