Lordstown Motors Brings in Interim CFO Known for Skill in Turning Around Companies

She then did a stint at Hudson’s Bay Co., where she was named temporary finance chief two years ago, filling in for the retailer’s CFO, who went on medical leave for several months before the company went private in early 2020 to mount a turnaround effort. Ms. Roof alsoof Aceto Corp., a generic drug distributor, during the company’s chapter 11 bankruptcy filing.

At Lordstown Motors, she will take charge of a newly public company running short of cash. The business, which last year went public through a merger with a special-purpose acquisition company, on June 8 said itto begin commercial operations. The company said it has doubts about whether it can continue as a going concern, a warning to investors which sometimes come before a debt default or bankruptcy filing.

Lordstown Motors said in May that it would need to raise more capital or would be unlikely to meet its 2021 target of producing 2,200 vehicles by year’s end. The company also said it was burning cash more quickly than it had projected a few months prior and would finish the year with between $50 million and $75 million in cash, down from the $200 million it anticipated finishing the year with about two months earlier.of a continuing investigation by U.S.

Asked last year about her work as a temporary CFO, Ms. Roof said she manages several crises at once at distressed companies. “Sometimes I feel like I’ve got a big sword and I’m spinning in a circle trying to take off the head of whatever dragon is coming at me that moment,” she said.

marcus lemonis is 1of those breakdown artists 2take apart &seek 2takeover. So he was in their business=no good sign.I warned my family about his evil doings w/trump & wifi in the head&microwave in the head also.These rich mogul wannabes r highly dangerous 2US families &businesses

Next your going to tell me that to raise a couple of billion in capital I need to do more than draw a picture of a truck? What’s wrong with this world?

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Lordstown Motors Chief Executive, Finance Chief ResignThe electric-truck startup said Steve Burns and Julio Rodriguez have stepped down. The company also said a special committee found that some disclosures it made about truck preorders were inaccurate. You knew something was wrong if you had read my newsletter this weekend. Pre-orders we’re the subject of the SEC subpoenas. Sounds like a revenue recognition problem. BTW the company did not respond to my request for comment Friday. Hoping this isn’t a repeat of Phar-Mor.
La source: WSJ - 🏆 98. / 63 Lire la suite »

Stocks making the biggest moves midday: Lordstown Motors, Oatly, Square and moreThese are the stocks posting the largest moves in midday trading. $AMC AMC $AMC
La source: CNBC - 🏆 12. / 72 Lire la suite »

Stocks making the biggest moves premarket: Novavax, Lordstown Motors, Phillips, Chipotle and othersThese are the stocks posting the largest moves before the bell.
La source: CNBC - 🏆 12. / 72 Lire la suite »