Lordstown Motors, the electric-vehicle startup fighting for survival, announced Monday the resignation of its CEO, Steve Burns, and chief financial officer, Julio Rodriguez, after the results of a board investigation into an investor’s report questioning the company’s viability and statements about customer interest in its electric trucks.

The resignations are effective immediately, and Lordstown has hired an executive search firm to find their replacements.

The company released the results of an investigation by a committee of its board into a March report by Hindenburg Research, a bearish investor, which took aim at Lordstown shortly after it went public in October.

The committee found the report was “false and misleading” as it pertained to the viability of Lordstown’s technology and its timeline for rolling out vehicles. Still, the company’s report, led by law firm Sullivan & Cromwell, acknowledged “issues regarding the accuracy of certain statements regarding the company’s preorders.”

Lordstown last week warned it did not have enough cash to start commercial production of its electric pickup truck and might have to close its doors.

The company has been the subject of an investigation by the Securities and Exchange Commission focusing in part on its merger in October with a special purpose acquisition company, or SPAC. Sullivan & Cromwell served as an adviser on the merger.

The SEC has sent at least two subpoenas to Lordstown seeking information related to its statements about customer orders for trucks.

The resignations come just a week before Lordstown was scheduled to host an event at its factory for investors, analysts, customers and partners. The company intended to showcase work on its Endurance electric truck.

Burns, the driving force behind Lordstown, founded the company just months after he stepped down as CEO at Workhorse, another electric-vehicle company. The company was born shortly after General Motors announced it was shuttering the Ohio factory and struck a deal to finance the sale of the factory to Lordstown.

Lordstown was one of the first big mergers of a startup with no profits and a SPAC, a holding company that raises money from investors in the hopes of finding a merger partner. Lordstown’s deal with the SPAC, Diamond Peak Holdings, was announced in August and closed just a few months later.

The company raised $675 million as part of the merger.

GM on Monday declined to comment on Lordstown’s announcement of the resignations, as did Goldman Sachs, which helped arrange the company’s merger with DiamondPeak.

Other electric-vehicle companies that have completed or proposed SPAC deals have also had trouble living up to their big promises and had to replace their top executives.