Lordstown set to extend losses after filing for bankruptcy

Stark Novus Financial

28/06/2023 11:34

** Shares of U.S. electric truck maker Lordstown Motors
 RIDE.O  fall 12.2% to $2.01 premarket
    ** RIDE closed down 17.2% at a record low of $2.29 after
filing for bankruptcy on Tuesday
    ** Co also puts itself for sale as dispute over promised
investment of up to $170 mln from Taiwan's Foxconn  2317.TW ,
formally called as Hon Hai Precision Industry remained
unresolved
    ** Foxconn currently holds about 8.4% ownership stake in
RIDE
    ** As of last close, stock down 86.6% so far this year

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))