Electrical car startup Lordstown Motors is “evaluating strategic companions” as a part of its seek for funding wanted to remain in operation, the corporate’s govt chair, Angela Strand, stated Monday.

Lordstown Motors has warned it could not be capable of proceed as a “going concern” if it can not increase extra money to retool its manufacturing facility in Lordstown, Ohio, for high-volume manufacturing.

Strand is appearing as the corporate’s CEO whereas a search is underway to exchange Steve Burns, who left the corporate earlier this month.

Because the “going concern” warning, the corporate has tried to allay worries by saying it was in talks with a number of events to boost funds. Earlier than his exit, Burns stated on a convention name that Lordstown wanted extra capital and that manufacturing of the Endurance truck this yr could be half of prior expectations of two,200 autos.

Lordstown Motors executives opened their meeting plant — a former Basic Motors facility that made smaller sedans — to buyers and reporters on Monday.

Lordstown, which went public final yr by a reverse merger with a special-purpose acquisition firm (SPAC), has struggled with the launch of its Endurance pickup truck, and with questions on governance.

A number of EV startups over the previous yr have gone public through mergers with SPACs, bypassing the rigorous scrutiny of a standard preliminary public providing course of.

In March, Lordstown’s shares slumped after funding analysis agency Hindenburg Analysis disclosed it had taken a brief place on the inventory, saying the corporate had misled customers and buyers about its preorders for the Endurance truck that Lordstown initially stated have been value $1.4 billion.

The Ohio firm subsequently stated the orders weren’t binding and on June 8, when it warned it was working out of money, disclosed in a regulatory submitting it had no binding orders or commitments from clients.

Final Monday, simply days after Lordstown stated it could not manage to pay for to remain in enterprise over the subsequent yr, CEO Burns — who was additionally the corporate’s founder and largest shareholder — resigned, as did the CFO. Lordstown additionally acknowledged it had overstated the standard of preorders.

The next day, Lordstown President Wealthy Schmidt stated the automaker had binding orders, however the firm subsequently backtracked from that remark.

The U.S. Securities and Trade Fee has requested the corporate for info associated to the truck preorders.