Lordstown Motors warns of bankruptcy after Foxconn threatens to walk away from crucial funding deal
Publishing timestamp: 2023-05-01 16:02:33
Summary
Lordstown Motors' funding deal with Foxconn is in jeopardy after Foxconn alleged that Lordstown breached the investment deal due to its stock falling under $1 per share for 30 consecutive trading days, triggering a delisting notice from NASDAQ. Lordstown warned that it may go bankrupt if the deal falls through and accused Foxconn of not making a good faith effort to complete the EV plan that is one of the deal's milestones. Lordstown's shares fell over 23% on the news.
Sentiment: NEGATIVE
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