Brief: Lordstown Motors Rejects Foxconn's Interpretation Of Investment Agreement

Nu Ride

09/06/2023 13:07

June 9 (Reuters) - Lordstown Motors Corp  RIDE.O :
    * LORDSTOWN MOTORS CORP - ON JUNE 7 RECEIVED A WRITTEN
NOTICE FROM
LISTING QUALIFICATIONS DEPARTMENT OF NASDAQ STOCK MARKET LLC
    * LORDSTOWN MOTORS - NASDAQ LETTER INFORMING CO THAT MATTERS
RAISED IN NASDAQ'S APRIL 19 LETTER REGARDING MINIMUM BID PRICE
REQUIREMENT WERE NOW CLOSED
    * LORDSTOWN - ON JUNE 5, GOT LETTER IN  WHICH FOXCONN "DID
NOT
ACKNOWLEDGE" OBLIGATION TO COMPLETE PURCHASE OF ABOUT 10% OF
CO'S CLASS A STOCK
    * LORDSTOWN MOTORS - REJECTS FOXCONN'S INTERPRETATION OF
INVESTMENT AGREEMENT
    * LORDSTOWN - FOXCONN ASSERTED ITS READING OF AGREEMENT
WOULD NOT
ALLOW FOR ADJUSTMENT OF NUMBER OF SHARES TO BE PURCHASED DUE TO
REVERSE STOCK SPLIT
    * LORDSTOWN - UNLIKELY THAT FOXCONN WILL COMPLETE PURCHASE
OF
APPROXIMATELY 10% OF COMPANY'S CLASS A COMMON STOCK
    * LORDSTOWN MOTORS CORP - CO "INTENDS TO ENFORCE ITS RIGHTS
THROUGH LITIGATION"

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