NEW YORK : Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn.Lordstown, named after the Ohio town where it is based, filed for Chapter 11 prote
NEW YORK : Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn.
Foxconn, formally called Hon Hai Precision Industry and best known for assembling Apple's iPhones, has said Lordstown breached the investment agreement when the automaker's stock fell below $1 per share. Foxconn did not immediately respond to a request for comment. Lordstown accused Foxconn in that regulatory filing of engaging in a “pattern of bad faith” that caused “material and irreparable harm” to the company. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment.
Lordstown filed for bankruptcy with plans to seek a buyer. It does not have an initial offer in hand, known in bankruptcy parlance as a stalking-horse bidder, which sets a minimum price other suitors can top in an auction. Lordstown went public in October 2020 through a reverse merger with special purpose acquisition company DiamondPeak Holdings, joining a flock of EV startups that went public through such deals in that period.
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