Electric-truck startup Lordstown Motors Corporation said in a securities filing that although it has struck vehicle-purchase agreements with fleet-management companies, the agreements don’t represent binding purchase orders.

The clarification on June 17 came after the troubled startup’s president two days earlier told reporters the company had "pretty binding" preorders and enough interest from potential buyers to sustain factory output through the end of 2022.

Lordstown shares dropped 4.4% upon the clarification. The company’s stock had gained 11.3% after the president’s initial comments.

The company said the vehicle-purchase agreements generally include a term of three to five years, a designation of Lordstown as the preferred supplier and down payment terms, which usually are 5% down 90 days before the requested delivery date.

Earlier this month, Lordstown warned it didn’t have enough capital to start commercial production and that there were doubts it could continue operations for another year. The company’s top two leaders resigned unexpectedly after a new report from a board committee found inaccuracies in parts of the company’s disclosures on truck preorders.

The Ohio-based company said in its June 15 filing that building relationships with specialized trucking and fleet-management companies to incorporate its debut model, the Endurance, into their programs is an essential sales and marketing strategy.

"They do not commit the counterparties to purchase vehicles, but we believe that they provide us with a significant indicator of demand for the Endurance," Lordstown said of the vehicle-purchase agreements.

Lordstown and several rival electric-vehicle challengers have experienced a reversal of fortune in recent months, going from being among Wall Street’s hottest investments to targets of short sells, financial regulators and critics doubting their future.

In March, the company said it struck agreements with an affiliate of the New Jersey-based dealership group Holman Enterprises to co-market and co-develop business opportunities. The pact also includes a co-marketing agreement involving Lordstown and Holman’s leasing and fleet-management services arm.