The SEC has asked Lordstown Motors Corp for information related to its merger with blank-check company DiamondPeak Holdings and preorders of its vehicles, Reuters reports.
“The Company is responding to the SEC’s requests and intends to cooperate with its inquiry,” Lordstown said in an SEC filing. The filing notes that the government inquiry began in February.
The disclousre comes on the heels of news that the U.S. securities regulator has opened a broader inquiry into Wall Street’s blank-check acquisition frenzy, and is seeking information on how underwriters are managing the risks involved. Read more.
