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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"> <span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:20.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_23_2021_To_7_23_2021_XI_W3JCTU0qmxmF56TGyhw" name="dei:TradingSymbol" id="Tc_wgzavWixz0ioHdp1ImgJDA_2_2">RIDE</ix:nonNumeric></p></td><td style="vertical-align:top;width:1.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"> <span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:36.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_7_23_2021_To_7_23_2021_XI_W3JCTU0qmxmF56TGyhw" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_ciljZWyqZk-JHLoFPd8ncQ_2_4">The Nasdaq Stock Market LLC</ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Emerging growth company <ix:nonNumeric contextRef="Duration_7_23_2021_To_7_23_2021_XI_W3JCTU0qmxmF56TGyhw" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_4Q1v3oYzW0S1SYsLJ8yvlA"><span style="font-family:'Segoe UI Symbol';">&#9746;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="color:#211d1e;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. </span><ix:nonNumeric contextRef="Duration_7_23_2021_To_7_23_2021_XI_W3JCTU0qmxmF56TGyhw" format="ixt-sec:boolballotbox" name="dei:EntityExTransitionPeriod" id="Narr_xHX-rny8EUalZLBtKQivnw"><span style="color:#211d1e;font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric></p><div style="margin-bottom:16pt;padding-bottom:1.0px;border-bottom:3.0pt solid #000000;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;text-align:justify;text-indent:36pt;border-bottom:1.0pt solid #000000;margin:0pt;"><span style="color:#211d1e;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:3pt;visibility:hidden;">&#8203;</span></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_5f4f1d12_8776_47d4_8dfc_538394abcbec"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><div style="padding-left:0.25pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:10%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:89.99%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:10%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item&#160;1.01</b></p></td><td style="vertical-align:top;width:89.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Entry into a Material Definitive Agreement. </b></p></td></tr><tr><td style="vertical-align:top;width:10%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 4.5pt 0pt 0pt;"><span style="color:#231f20;">On July 23, 2021, Lordstown Motors Corp. (the &#8220;Company&#8221; or &#8220;we&#8221;) entered into an equity purchase agreement (the &#8220;Purchase Agreement&#8221;) with YA II PN, LTD. (&#8220;YA&#8221;), pursuant to which YA has committed to purchase up to $400&#160;</span><span style="color:#231f20;white-space:pre-wrap;">million of our Class A common stock (the &#8220;Total Commitment&#8221;), at our direction from time to time, subject to the satisfaction of the conditions in the Purchase Agreement.  YA is a fund managed by Yorkville Advisors Global, LP, headquartered in Mountainside, New Jersey.&#160;</span><span style="color:#231f20;white-space:pre-wrap;">   </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 48pt 0pt 0pt;"><span style="color:#231f20;"> </span><span style="color:#231f20;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 4.5pt 0pt 0pt;"><span style="color:#231f20;">Such sales of Class A common stock, if any, will be subject to certain limitations, and may occur from time to time at our sole discretion, over the approximately 36-month period commencing on the date of the Purchase Agreement, provided that a registration statement covering the resale by YA of the shares of Class A common stock purchased from us (which we have agreed to file) is declared effective by the SEC and the other conditions set forth in the Purchase Agreement are satisfied. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;"><span style="color:#231f20;">YA has no right to require us to sell any shares of Class A common stock to YA, but YA is obligated to make purchases at our direction subject to certain conditions. There is no upper limit on the price per share that YA could be obligated to pay for the Class A common stock under the Purchase Agreement. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;"><span style="color:#231f20;">Actual sales of shares of Class A common stock to YA from time to time will depend on a variety of factors, including, among others, market conditions, the trading price of our Class A common stock and determinations by us as to the appropriate sources of funding for us and our operations. </span>The net proceeds that we may receive under the Purchase Agreement cannot be determined at this time, since it will depend on the frequency and prices at which we sell shares of our Class A common stock to YA, our ability to meet the conditions of the Purchase Agreement and the other limitations, terms and conditions of the Purchase Agreement.&#160;The Company expects that any proceeds received by the Company from such sales to YA will be used for working capital and general corporate purposes. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;"><span style="color:#231f20;">Under applicable Nasdaq rules and the Purchase Agreement, we will not sell to YA shares of our Class A common stock </span>in excess of 35,144,690 shares (the &#8220;Exchange Cap&#8221;), which is 19.9% of the shares of Class A common stock outstanding immediately prior to the execution of the Purchase Agreement, unless (i) we obtain stockholder approval to issue shares of Class A common stock in excess of the Exchange Cap or (ii) the average price of all applicable sales of shares of Class A common stock under the Purchase Agreement (including the Commitment Shares described below in the number of shares sold for these purposes) equals or exceeds $7.48 per share (which represents the lower of <span style="background-color:#ffffff;color:#222222;">(i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of the Purchase Agreement; or (ii) the average Nasdaq Official Closing Price of the Common Shares (as reflected on Nasdaq.com) for the five trading days immediately preceding the signing of the Purchase Agreement</span>)<span style="color:#231f20;">. In any event, we may not issue or sell any shares of our Class A common stock under the Purchase Agreement if such issuance or sale would breach any applicable Nasdaq rules.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 48pt 0pt 0pt;"><span style="color:#231f20;"> </span><span style="color:#231f20;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 4.5pt 0pt 0pt;"><span style="color:#231f20;">The Purchase Agreement also prohibits us from directing YA to purchase any shares of Class A common stock if those shares, when aggregated with all other shares of our Class A common stock then beneficially owned by YA and its affiliates as a result of purchases under the Purchase Agreement, would result in YA and its affiliates having beneficial ownership of more than the 4.99% of our then outstanding Class A common stock. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 48pt 0pt 0pt;"><span style="color:#231f20;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 4.5pt 0pt 0pt;"><span style="color:#231f20;">We may direct YA to purchase amounts of our Class A common stock under the Purchase Agreement that we specify from time to time in a written notice (an &#8220;Advance Notice&#8221;) delivered to YA on any trading day. The maximum amount that we may specify in an Advance Notice is equal to the lesser of</span><span style="white-space:pre-wrap;">: (i) an amount equal to thirty percent (30%) of the Daily Value Traded of the Class A common stock on the trading day immediately preceding an Advance Notice, or (ii) $30.0 million.  For these purposes, &#8220;Daily Value Traded&#8221; is the product obtained by multiplying the daily trading volume of our Class A common stock by the volume weighted average price for that trading day. </span><span style="color:#231f20;">Subject to the satisfaction of the conditions under the Purchase Agreement, we may deliver Advance Notices from time to time, </span>provided that we have delivered all shares relating to all prior Advance Notices<span style="color:#231f20;">.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 48pt 0pt 0pt;"><span style="color:#231f20;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 4.5pt 0pt 0pt;"><span style="color:#231f20;">The purchase price of the shares of Class A common stock will be equal to 97% of the simple average of the daily VWAPs for the three trading days following the Advance Notice as set forth in the Purchase Agreement. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 48pt 0pt 0pt;"><span style="color:#231f20;margin-right:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;min-height:11.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 4.5pt 0pt 0pt;">YA has agreed that, during the term of the Purchase Agreement, neither YA or its affiliates will engage in any short sales or hedging transactions with respect to our Class A common stock, provided that upon receipt of an Advance Notice, YA may sell shares that it is obligated to purchase under such Advance Notice prior to taking possession of such shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 48pt 0pt 0pt;"><span style="margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 4.5pt 0pt 0pt;"><span style="color:#231f20;">Unless earlier terminated as provided in the Purchase Agreement, the Purchase Agreement will terminate automatically on the earliest to occur of: </span></p><div style="margin-top:6.05pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><span style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">the first day of the month next following the 36-month anniversary of the date of the Purchase Agreement; and</span></td><td style="width:48pt;"></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><span style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">the date on which YA shall have purchased shares of Class A common stock under the Purchase Agreement for an aggregate gross purchase price equal to its $400&#160;million Total Commitment under the Purchase Agreement.</span></td><td style="width:48pt;"></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 48pt 0pt 0pt;"><span style="color:#231f20;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 4.5pt 0pt 0pt;"><span style="color:#231f20;">We have the right to terminate the Purchase Agreement at any time, at no cost or penalty, upon five trading days&#8217; prior written notice to YA, provided that there are no outstanding Advance Notices that have not been completed. We and YA may also terminate the Purchase Agreement at any time by mutual written consent.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;">As consideration for YA&#8217;s irrevocable commitment to purchase shares of the Company&#8217;s Class A common stock upon the terms of and subject to satisfaction of the conditions set forth in the Purchase Agreement, upon execution of the Purchase Agreement, the Company agreed to issue 371,287 shares of its Class A common stock to YA (the &#8220;Commitment Shares&#8221;). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;">The Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations of the parties.&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;">The foregoing description of the Purchase Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1, and which is incorporated herein in its entirety by reference.&#160;The representations, warranties and covenants contained in such agreement was made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties. </p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="color:#a0a0a0;height:2.5pt;position:relative;top:0.6em;width:96.7%;margin:0 auto;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">This current report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:18pt;">&#160;</span></p><div style="padding-left:0.25pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:10%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item&#160;3.02</b></p></td><td style="vertical-align:top;width:89.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Unregistered Sales of Equity Securities. </b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:6pt 0pt 0pt 0pt;">The information contained above in Item 1.01 is hereby incorporated by reference into this Item 3.02. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;">In the Purchase Agreement, YA represented to the Company, among other things, that it is an &#8220;accredited investor&#8221; (as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)).&#160;The securities referred to in this Current Report on Form 8-K are being issued and sold by the Company to YA in reliance upon the exemption from the registration requirements of the Securities Act afforded by Section&#160;4(a)(2) of the Securities Act. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:18pt;">&#160;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:10%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:89.99%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:10%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item&#160;9.01</b></p></td><td style="vertical-align:top;width:89.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Financial Statements and Exhibits. </b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">(d) Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:7.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:89.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:7.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Exhibit<br />Number</b></p></td><td style="vertical-align:bottom;width:2.84%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:89.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr><td style="vertical-align:top;width:7.55%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.1</p></td><td style="vertical-align:top;width:2.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.6%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;" href="ride-20210723xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Equity Purchase Agreement by and between Lordstown Motors Corp. and YA II PN, LTD., dated July 23, 2021</span></a></p></td></tr><tr><td style="vertical-align:top;width:7.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">104</p></td><td style="vertical-align:top;width:2.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Cover Page Interactive Data File (formatted as inline XBRL)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_7c9ee423_55c6_4b4b_b734_087a599c740a"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">LORDSTOWN MOTORS CORP.</b></p></td></tr><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:6.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">By:</span></p></td><td style="vertical-align:top;width:44.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">/s/ Thomas V. Canepa</span></p></td></tr><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:6.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Name:</span></p></td><td style="vertical-align:top;width:44.17%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Thomas V. Canepa </span></p></td></tr><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:6.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Title:</span></p></td><td style="vertical-align:top;width:44.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">General Counsel and Secretary</span></p></td></tr><tr><td style="vertical-align:top;width:49.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Date: July 26, 2021</span></p></td><td colspan="2" style="vertical-align:top;width:50.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
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[{"type": "8-K", "sequence": "1", "filename": "ride-20210723x8k.htm", "description": "8-K", "secsgml_size_bytes": 52507}]
{"company-data": {"conformed-name": "Lordstown Motors Corp.", "cik": "0001759546", "assigned-sic": "3711", "irs-number": "832533239", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-38821", "film-number": "211112635"}, "business-address": {"street1": "2300 HALLOCK YOUNG ROAD", "city": "LORDSTOWN", "state": "OH", "zip": "44481", "phone": "234-285-4001"}, "mail-address": {"street1": "2300 HALLOCK YOUNG ROAD", "city": "LORDSTOWN", "state": "OH", "zip": "44481"}, "former-company": {"former-conformed-name": "DiamondPeak Holdings Corp.", "date-changed": "20181120"}}
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
July 23, 2021
LORDSTOWN MOTORS CORP.
(Exact name of registrant as specified in its charter)
​
​
​
Delaware
001-38821
83-2533239
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
​
2300 Hallock Young Road
Lordstown
,
Ohio
44481
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code:
(
234
)
285-4001
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
​
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​
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, par value $0.0001 per share
​
RIDE
​
The Nasdaq Stock Market LLC
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
​
​
Item 1.01
Entry into a Material Definitive Agreement.
​
​
​
On July 23, 2021, Lordstown Motors Corp. (the "Company" or "we") entered into an equity purchase agreement (the "Purchase Agreement") with YA II PN, LTD. ("YA"), pursuant to which YA has committed to purchase up to $400
million of our Class A common stock (the "Total Commitment"), at our direction from time to time, subject to the satisfaction of the conditions in the Purchase Agreement.  YA is a fund managed by Yorkville Advisors Global, LP, headquartered in Mountainside, New Jersey.
​
Such sales of Class A common stock, if any, will be subject to certain limitations, and may occur from time to time at our sole discretion, over the approximately 36-month period commencing on the date of the Purchase Agreement, provided that a registration statement covering the resale by YA of the shares of Class A common stock purchased from us (which we have agreed to file) is declared effective by the SEC and the other conditions set forth in the Purchase Agreement are satisfied.
YA has no right to require us to sell any shares of Class A common stock to YA, but YA is obligated to make purchases at our direction subject to certain conditions. There is no upper limit on the price per share that YA could be obligated to pay for the Class A common stock under the Purchase Agreement.
Actual sales of shares of Class A common stock to YA from time to time will depend on a variety of factors, including, among others, market conditions, the trading price of our Class A common stock and determinations by us as to the appropriate sources of funding for us and our operations.
The net proceeds that we may receive under the Purchase Agreement cannot be determined at this time, since it will depend on the frequency and prices at which we sell shares of our Class A common stock to YA, our ability to meet the conditions of the Purchase Agreement and the other limitations, terms and conditions of the Purchase Agreement. The Company expects that any proceeds received by the Company from such sales to YA will be used for working capital and general corporate purposes.
Under applicable Nasdaq rules and the Purchase Agreement, we will not sell to YA shares of our Class A common stock
in excess of 35,144,690 shares (the "Exchange Cap"), which is 19.9% of the shares of Class A common stock outstanding immediately prior to the execution of the Purchase Agreement, unless (i) we obtain stockholder approval to issue shares of Class A common stock in excess of the Exchange Cap or (ii) the average price of all applicable sales of shares of Class A common stock under the Purchase Agreement (including the Commitment Shares described below in the number of shares sold for these purposes) equals or exceeds $7.48 per share (which represents the lower of
(i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of the Purchase Agreement; or (ii) the average Nasdaq Official Closing Price of the Common Shares (as reflected on Nasdaq.com) for the five trading days immediately preceding the signing of the Purchase Agreement
)
. In any event, we may not issue or sell any shares of our Class A common stock under the Purchase Agreement if such issuance or sale would breach any applicable Nasdaq rules.
​
The Purchase Agreement also prohibits us from directing YA to purchase any shares of Class A common stock if those shares, when aggregated with all other shares of our Class A common stock then beneficially owned by YA and its affiliates as a result of purchases under the Purchase Agreement, would result in YA and its affiliates having beneficial ownership of more than the 4.99% of our then outstanding Class A common stock.
​
We may direct YA to purchase amounts of our Class A common stock under the Purchase Agreement that we specify from time to time in a written notice (an "Advance Notice") delivered to YA on any trading day. The maximum amount that we may specify in an Advance Notice is equal to the lesser of
: (i) an amount equal to thirty percent (30%) of the Daily Value Traded of the Class A common stock on the trading day immediately preceding an Advance Notice, or (ii) $30.0 million.  For these purposes, "Daily Value Traded" is the product obtained by multiplying the daily trading volume of our Class A common stock by the volume weighted average price for that trading day.
Subject to the satisfaction of the conditions under the Purchase Agreement, we may deliver Advance Notices from time to time,
provided that we have delivered all shares relating to all prior Advance Notices
.
​
The purchase price of the shares of Class A common stock will be equal to 97% of the simple average of the daily VWAPs for the three trading days following the Advance Notice as set forth in the Purchase Agreement.
​
YA has agreed that, during the term of the Purchase Agreement, neither YA or its affiliates will engage in any short sales or hedging transactions with respect to our Class A common stock, provided that upon receipt of an Advance Notice, YA may sell shares that it is obligated to purchase under such Advance Notice prior to taking possession of such shares.
​
Unless earlier terminated as provided in the Purchase Agreement, the Purchase Agreement will terminate automatically on the earliest to occur of:
•
the first day of the month next following the 36-month anniversary of the date of the Purchase Agreement; and
•
the date on which YA shall have purchased shares of Class A common stock under the Purchase Agreement for an aggregate gross purchase price equal to its $400 million Total Commitment under the Purchase Agreement.
​
We have the right to terminate the Purchase Agreement at any time, at no cost or penalty, upon five trading days' prior written notice to YA, provided that there are no outstanding Advance Notices that have not been completed. We and YA may also terminate the Purchase Agreement at any time by mutual written consent.
As consideration for YA's irrevocable commitment to purchase shares of the Company's Class A common stock upon the terms of and subject to satisfaction of the conditions set forth in the Purchase Agreement, upon execution of the Purchase Agreement, the Company agreed to issue 371,287 shares of its Class A common stock to YA (the "Commitment Shares").
The Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations of the parties.
The foregoing description of the Purchase Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1, and which is incorporated herein in its entirety by reference. The representations, warranties and covenants contained in such agreement was made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties.
This current report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Item 3.02
Unregistered Sales of Equity Securities.
The information contained above in Item 1.01 is hereby incorporated by reference into this Item 3.02.
In the Purchase Agreement, YA represented to the Company, among other things, that it is an "accredited investor" (as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "Securities Act")). The securities referred to in this Current Report on Form 8-K are being issued and sold by the Company to YA in reliance upon the exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act.
Item 9.01
Financial Statements and Exhibits.
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(d) Exhibits.
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​
​
​
Exhibit
Number
Description
10.1
​
Equity Purchase Agreement by and between Lordstown Motors Corp. and YA II PN, LTD., dated July 23, 2021
104
​
Cover Page Interactive Data File (formatted as inline XBRL)
​
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
​
LORDSTOWN MOTORS CORP.
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​
​
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​
By:
/s/ Thomas V. Canepa
​
Name:
Thomas V. Canepa
​
Title:
General Counsel and Secretary
Date: July 26, 2021
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​