Lordstown Motors sells assets to founder for $10.2 million

By Sarah Lizee

Olympia, Wash., Oct. 27 – Lordstown Motors Corp. closed a $10.2 million asset sale to LAS Capital LLC on Friday, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, the sale was approved by the U.S. Bankruptcy Court for the District of Delaware on Oct. 18.

Stephen Burns, the founder and former chief executive officer of Lordstown Motors, is the majority equity holder of LAS Capital.

The Lordstown, Ohio-based electric vehicle maker filed Chapter 11 bankruptcy on June 27 under case number 23-10831.

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