What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup mount.
CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said early Monday, sending shares already down 40% this year tumbling more than 21%.
The departures come less than a week after Lordstown cautioned that it may not be in business a year from now as it struggles to secure funding to begin full production. In a quarterly regulatory filing, the company said that the $587 million it had on hand as of March 31 isn't enough to begin commercial production of its full-sized electric pickup, called the Endurance, at a former General Motors plant in Ohio near Youngstown.
Yet Lordstown ran into trouble not long after it became a publicly traded company last year through a merger with a special-purpose acquisition company. Going public through a so-called SPAC is typically quicker than traditional initial public offerings that are usually handled by major financial institutions.
In January an Endurance pickup truck prototype caught fire 10 minutes into its initial test drive in Michigan. Then the company failed to pay $570,000 in real estate taxes due in early March.
Company shares have been on a sharp, downward trajectory since February and the stock fell below the initial public offering price of around $10 on Monday.
That could get worse.
Burns, the departing CEO, is the company's largest shareholder with a 26.25% stake, according to FactSet.
Investors that still remain may not want to stick around to find out what happens if and when Burns begins to unload his shares, according to Adam Jonas of Morgan Stanley.
That dynamic is playing out as Lordstown's operations are coming under increasing scrutiny, which it was partially shielded from when it went public through a SPAC.
SPACs can cut up to 75% off the time it takes for a company to get its stock trading on an exchange, versus the traditional process of an initial public offering. SPACs can also make it easier to get prospective buyers on board. Companies going the SPAC route often feel more license to highlight projections for big growth they're expecting in the future, for example. In a traditional IPO, the company is limited to highlighting its past performance, which may not be a great selling point for young startups that typically fail to put up big profits or revenue.
Investors in Lordstown include General Motors, which took a 5% stake. Spokesman Jim Cain said Monday that the company's investment is unchanged.
Lordstown named lead independent director Angela Strand as executive chairwoman Monday and said that she will oversee the organization's transition until a permanent CEO is found. Strand is the managing director of advisory firm Strand Strategy.
Becky Roof, who has been an interim chief financial officer at Eastman Kodak, Hudson's Bay and Saks Fifth Avenue, was named interim CFO at Lordstown.
The company has hired an executive search firm to seek out a new CEO and chief financial officer.
Also on Monday, the company responded to a scathing March report from the short-selling firm Hindenburg Research, which questioned the number of preorders the company claimed to have received for its marquee Endurance vehicle.
The report spawned four potential class-action lawsuits against Lordstown by investors who claim they were defrauded.
Lordstown said its independent investigation found that the vast majority of the Hindenburg report was unsubstantiated. However, it acknowledged that one potential buyer that made a large number of preorders doesn't appear to have adequate resources to make those purchases. Other preorders appear too vague or weak to be relied on, the company said Monday.
--------
AP Business Writer Stan Choe in New York, and AP Auto Writer Tom Krisher in Detroit, contributed to this story
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
A Massachusetts man who told police he was exorcising a demon and performing a baptism when he shoved his father's head under water multiple times has been convicted of involuntary manslaughter in his death.
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.