Lordstown Motors Files for Chapter 11 Bankruptcy Protection
Lordstown also has sued former investor Foxconn
Commercial electric vehicle startup Lordstown Motors Corp. has filed for Chapter 11 bankruptcy protection nearly two months after it warned that it was in danger of failing.
In early May electronics company Foxconn wavered on a $170 million investment in Lordstown. The Ohio company said in a regulatory filing at the time that it had received notice from Foxconn on April 21 that it was in breach of their investment agreement because it had received a delisting warning from Nasdaq two days earlier.
Lordstown said at the time that given the uncertainties, there was substantial doubt it could continue as a going concern.
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