Lordstown Says May Have Sold Too Much Stock, Petitions for Fix

Lordstown Motors Corp. filed a court petition Thursday acknowledging that it may have sold too many shares of stock and seeking to correct the potential error.

The electric vehicle maker said in the filing that an investor vote authorizing it to issue 300 million class A shares—the previous limit was 100 million—may have been invalid due to a legal technicality. Lordstown eventually sold more than 215 million shares, according to the petition in Delaware’s Chancery Court.

Under Delaware corporate laws, judges have disrectionary authority to retroactively validate defective corporate acts if they were done in good faith. The relevant factors ...