Electric-truck startup Lordstown Motors Corp. confirmed the Justice Department is probing its business, investigating matters related to its reverse merger deal last year and preorders for its forthcoming pickup truck, the Endurance.
In a regulatory filing Thursday, the company
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The Wall Street Journal first reported the Justice Department’s inquiry earlier this month.
The Ohio-based startup has said it has received two subpoenas from the SEC requesting documents and information related to its merger deal in October with publicly traded DiamondPeak Holdings Corp., a special-purpose acquisition company.
The SEC is also seeking information related to the company’s preorder book for its all-electric pickup truck. Those preorders had been promoted by executives and the upstart manufacturer as a sign of future demand for the Endurance, which has yet to go into production.
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