Lordstown Motors gets Nasdaq delisting notice

Nu Ride

29/06/2023 12:29

June 29 (Reuters) - Lordstown Motors  RIDE.O  said on
Thursday it had received a delisting notice from the Nasdaq,
days after the U.S. electric truck maker filed for bankruptcy
protection.
    The company received the notice from Nasdaq on June 28,
notifying its failure to meet listing rules and saying that
trading in its class A common stock would be suspended on July
7, 2023, according to a filing.
    Lordstown shares fell nearly 4% in premarket trading. The
stock has tumbled about 88% this year, as of last close.
    The EV maker filed for bankruptcy protection on Tuesday and
put itself up for sale after failing to resolve a dispute over a
promised investment from Taiwan's Foxconn  2354.TW .
    Lordstown accused Foxconn of fraudulent conduct and a series
of broken promises in failing to abide by an agreement to invest
up to $170 million in the company.
    

 (Reporting by Tiyashi Datta in Bengaluru; Editing by Anil
D'Silva)
 ((tiyashi.datta@thomsonreuters.com;))