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Search resuls for: "David Shepardson Tiyashi Datta"


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☆ Lordstown shares dive 23% as investor Foxconn alleges agreement breach
  + stars: | 2023-05-02 | by ( David Shepardson Tiyashi Datta | David Shepardson | Tiyashi Datta | ) www.reuters.com   time to read: +3 min
Foxconn struck a deal in November to take a near-20% stake in the money-losing U.S. firm for up to $170 million. It has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said. "There is substantial doubt regarding our ability to continue as a going concern," Lordstown said in a filing, referring to its dispute with Foxconn over the investment deal. Their course of conduct has resulted in material — and what is becoming irreparable — harm to the company," Lordstown said in a statement. Lordstown shares, which at one point tumbled more than 50% on Monday, closed down 23%, or 12 cents, at 40 cents, in heavy trading.
☆ Lordstown shares plunge as investor Foxconn alleges agreement breach
  + stars: | 2023-05-01 | by ( David Shepardson Tiyashi Datta | David Shepardson | Tiyashi Datta | ) www.reuters.com   time to read: +2 min
Lordstown said Foxconn cited the delisting notice the Ohio-based company received from Nasdaq in a letter alleging the breach. Lordstown shares were trading mid-morning at $0.39, down 13 cents a share. Lordstown warned that "there is substantial doubt regarding our ability to continue as a going concern". Without a resolution with Foxconn, other funding or partners, it said it could be forced to file for bankruptcy. Lordstown Motors bought a former General Motors (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.
☆ Lordstown shares plunge 48% as investor Foxconn alleges agreement breach
  + stars: | 2023-05-01 | by ( David Shepardson Tiyashi Datta | David Shepardson | Tiyashi Datta | ) www.reuters.com   time to read: +2 min
May 1 (Reuters) - Lordstown Motors (RIDE.O) 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. Lordstown warned in a U.S. Securities and Exchange Commission filing on Monday that "there is substantial doubt regarding our ability to continue as a going concern." Without a resolution with Foxconn, other funding or new partners, it could be forced to file for bankruptcy or cease operations, it added. Lordstown shares were trading mid-afternoon at 27 cents, down 25 cents. Lordstown Motors bought a former General Motors Co (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.
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