Lordstown Motors’ inventory hit a brand new 52-week low Thursday, dropping beneath $5 a share for the primary time ever, following an annual shareholder assembly that lasted about 10 minutes.

Shares of the embattled electrical automobile start-up have been down by as a lot as 5.5% instantly following the midday assembly, earlier than dropping additional throughout buying and selling early afternoon to $4.92 a share, down 6.6%. The inventory is down about 75% in 2021. The shares rebounded considerably in afternoon buying and selling

An organization spokeswoman confirmed Lordstown Chairwoman Angela Strand reiterated lots of the firm’s beforehand introduced plans through the assembly, however didn’t present any new info. Most significantly, she mentioned restricted manufacturing of its Endurance EV pickup truck starting subsequent month, adopted by automobile validation and regulatory approval in December or January.

Two resolutions – the appointments of KPMG as an impartial accounting agency and two board administrators – handed, based on a spokeswoman for the corporate. Voting outcomes weren’t instantly obtainable.

The brand new low for the shares comes a few month after Lordstown confirmed a Justice Division probe. Federal prosecutors are trying on the firm’s SPAC deal that introduced the corporate public final 12 months in addition to its reporting of preorders, the corporate has confirmed. The Securities and Change Fee its personal inquiry into the corporate and a few feedback made by executives, together with former Chairman and CEO Steve Burns.

Burns and his CFO left the SPAC-backed firm after an inside investigation discovered “points relating to the accuracy of sure statements” round Lordstown’s preorders, particularly the seriousness of the orders and who was making them.

In Could, quick vendor Hindenburg Analysis claimed the corporate misled traders, together with utilizing “faux” orders to lift capital for its Endurance electrical pickup. The quick vendor additionally mentioned the pickup was years away from manufacturing. Lordstown has maintained it is on observe to begin making the automobile in September.

Lordstown beforehand mentioned the interior investigation discovered Hindenburg’s report “is, in vital respects, false and deceptive.”

Lordstown went public by a particular goal acquisition firm, or SPAC, in October. It’s amongst a rising group of EV start-ups to go public or announce plans to take action with SPACs.

A lot of the SPAC offers have been initially celebrated by traders, sending shares by the roof and making some founders millionaires, if not billionaires, in a single day. However the tides have turned towards lots of the firms after crackdowns this 12 months by the SEC, together with investigations, warnings to traders and potential adjustments to accounting pointers.