Lordstown Motors (NASDAQ:RIDE) stock is revving up on Thursday after the company announced a new CEO.
Daniel A. Ninivaggi is taking over as the new CEO of Lordstown Motors and is also joining its Board of Directors effective immediately. He’s the former CEO of Icahn Enterprises (NASDAQ:IEP) and has also served in various roles in the automotive industry.
Upon joining Lordstown Motors, Ninivaggi said the following.
“I believe the demand for full-size electric pickup trucks will be strong and the Endurance truck, with its innovative wheel hub motor design, has the opportunity to capture a meaningful share of the market. With an absolute focus on execution, I look forward to working with the talented Lordstown management team, our suppliers and other partners to bring the Endurance to market and maximize the value of our assets.”
Lordstown Motors getting a new CEO is a boon to RIDE stock as the company has been through some rough patches lately. That includes an investigation by the Justice Department into its pre-order numbers for the Endurance electric pick-up truck.
However, one recent bright spot for the company was additional funding gained last month. It signed a deal that allows it to sell up to $400 million worth of RIDE stock to Yorkville Advisors Global.
RIDE stock is seeing heavy trading on today’s news. As of this writing, more than 93 million shares of the stock have changed hands. That’s an impressive jump over its daily average trading volume of about 11.4 million shares.
RIDE stock was up 24% as of Thursday morning.
Of course, there’s more stock market news to talk about today outside of Lordstown Motors’ new CEO.
Luckily, we’ve got all the latest info in one place. That includes what’s happening with Zomedica (NYSEAMERICAN:ZOM) today, what to expect from the market, as well as today’s pre-market stock movers. You can learn all about these matters at the links below!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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