The Taiwanese company notified the US EV startup their investment agreement could be terminated in as little as 30 days.
EV startup Lordstown Motors warned that it may file for bankruptcy after partner Foxconn Technology Group threatened to withhold funding.said it may be forced to cease operations if it can't reach an agreement with the Taiwanese company or find alternate financing.
On April 21, Lordstown received a letter from the Taiwanese company about a breach in their agreement that would allow the latter to pull out of the investment agreement under which Foxconn is required to purchase 26.9 million shares of Class A common stock this month for approximately $47.3 million.'s move was rushed by a Nasdaq warning last month to Lordstown that its stock may be delisted after falling below a minimum $1 per share level for 30 straight days.
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