Commercial electric vehicle startup Lordstown Motors Corp. has filed for Chapter 11 bankruptcy protection nearly two months after it warned that it was in danger of failing.
Commercial electric vehicle startup Lordstown Motors Corp. has filed for Chapter 11 bankruptcy protection nearly two months after itIn early May electronics company Foxconn wavered on a $170 million investment in Lordstown. The Ohio company said in a regulatory filing at the time that it had received notice from Foxconn on April 21 that it was in breach of their investment agreement because it had received a delisting warning from Nasdaq two days earlier.
Lordstown was in danger of being delisted from the Nasdaq because its share price closed below $1 on March 7 and continued to falter after that. Lordstown said Tuesday that it was filing a lawsuit against technology company Hon Hai Technology Group and certain affiliates, including Foxconn. Lordstown said the lawsuit"details Foxconn's fraud and willful and consistent failure to live up to its commercial and financial commitments to the company." It claims Foxconn's actions led to material damage to Lordstown and its future prospects.
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