Bankrupt electrical automobile startup Lordstown Motors plans to promote its remaining belongings to an funding agency led by founder and unique CEO Steve Burns, an SEC submitting made on Sept. 29 reveals.

The funding agency, LAS Capital, which additionally counts former Lordstown Chief Monetary Officer Julio Rodriguez as a significant shareholder alongside Burns, has agreed to buy the belongings for $10 million in money.

Each Burns and Rodriguez left Lordstown in 2021 following an inner investigation that discovered inaccuracies regarding claimed pre-orders for the Lordstown’s debut automobile, the Endurance full-size pickup truck.

Burns can also be the founding father of Workhorse Group, an organization that manufactures electrical business vans and vans, in addition to drones.

Lordstown Motors CEO Steve Burns in meeting plant

The belongings LAS Capital has agreed to buy embody sure mental property, in addition to manufacturing gear for batteries and motors. The plant that constructed the Endurance, a former Normal Motors plant positioned in Ohio, was bought by Lordstown to Foxconn in 2021 in a deal that known as for Foxconn to construct the Endurance in addition to co-developed future fashions for Lordstown underneath contract.

The asset sale to LAS Capital is because of be accomplished by the tip of October, ought to it obtain court docket approval.

The Endurance, which options in-wheel motors however lackluster efficiency in comparison with rival electrical vans, began manufacturing in late 2022. Nonetheless, it was solely in manufacturing for just a few months, and solely a handful of examples have been constructed. Manufacturing was initially halted as a consequence of {an electrical} subject, and later as a consequence of the price of constructing the truck turning into a lot increased than its promoting value. Lordstown subsequentially filed for Chapter 11 chapter safety in June.

Previous to submitting for chapter, Lordstown tried to type a brand new take care of Foxconn to collectively develop a next-generation automobile to be constructed on the Ohio plant. Nonetheless, the deal fell by way of in Could after Foxconn pulled out.