Lordstown Motors Slumps Most Ever on CEO Exit, Misstatements (1)

Lordstown Motors Corp. shares took their biggest one-day drop ever after its two top executives stepped down and the electric truckmaker’s board found evidence of inaccurate statements, dimming the shine of the onetime SPAC star.

Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company, effective immediately, the company said in a statement Monday. Burns declined to comment about his exit in a text message.

It is the latest setback for the company, which warned last week it might not have enough cash to fund development of its first truck or even survive the ...