Lordstown Motors shares plunged 48% Monday after major shareholder Foxconn alleged it breached their $170 million investment deal and the electric truck maker warned it might be forced to file for bankruptcy.
shares plunged 48% Monday after major shareholder Foxconn alleged it breached their $170 million investment deal and the electric truck maker warned it might be forced to file for bankruptcy.
"Foxconn's actions are completely unwarranted. Their course of conduct has resulted in material — and what is becoming irreparable — harm to the company," Lordstown said in a statement. Foxconn in November struck a deal to take a near-20% stake in the money-losing U.S. electric truck maker for up to $170 million.
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