Lordstown Motors Inc., an electric-vehicle startup that lately went public, mentioned it might not have the money to get its debut pickup truck to market — and won’t final as an organization within the subsequent 12 months if it could possibly’t increase extra capital.

The disclosure in a regulatory submitting Tuesday comes after CEO Steve Burns mentioned through the firm’s first-quarter earnings name final month that his firm needed to raise more money to fund the Endurance truck mannequin’s growth.

“The corporate’s capacity to proceed as a going concern depends on its capacity to finish the event of its electrical automobiles, receive regulatory approval, start business scale manufacturing and launch the sale of such automobiles,” the submitting mentioned. “The corporate believes that its present stage of money and money equivalents are usually not enough to fund business scale manufacturing and the launch of sale of such automobiles.”

Lordstown shares plunged 16 p.c to shut at $11.22. In postmarket buying and selling the inventory fell as a lot as an extra 6.9 p.c as of 4:12 p.m. in New York.

The announcement marks the most recent setback for Lordstown, which in March disclosed a Securities and Exchange Commission probe into its operations. As lately as a 12 months in the past, the startup, which operates out of a shuttered Basic Motors plant in Ohio, was lauded by former President Donald Trump’s administration as a part of its drive to create manufacturing jobs.