Getty ImagesEmbattled electric truck company Lordstown Motors has enough funding to run through May 2022 and stays on track to start restricted production of its Endurance pickup in late September following an executive shake-up that ousted the start-ups CEO and chairman, executives said Tuesday.The businesss new chairwoman, Angela Strand, called it a “new day” for the aspiring automaker, which raised personal bankruptcy concerns after alerting financiers last week that it had “substantial doubt” about its capability to continue as a going concern in the next year.Shares of Lordstown Motors skyrocketed Tuesday afternoon by as much as 15% before leveling off at about $10 a share, up 8%. The probe, nevertheless, did identify “problems regarding the precision of specific statements relating to” Lordstowns preorders, specifically the severity of the orders and who was making them.President Rich Schmidt stated the company needs more skilled management. Lordstown Motors Corp Chief Executive Steve Burns poses with a model of the electrical automobile start-ups Endurance pickup truck, which it will start developing in the 2nd half of 2021, at the companys plant in Lordstown, Ohio, U.S. June 25, 2020. Schmidt decreased to comment on inquiry.Strand, who was Lordstowns lead independent director, is overseeing its shift up until a long-term CEO is determined, according to the company.Schmidt reconfirmed Lordstown is actively raising extra capital, which the company revealed plans to do in May.

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