Lordstown Motors gets Nasdaq delisting notice

[June 29, 2023]  (Reuters) - Lordstown Motors said on Thursday it had received a delisting notice from the Nasdaq, days after the U.S. electric truck maker filed for bankruptcy protection. 

The company received the notice from Nasdaq on June 28, notifying its failure to meet listing rules and saying that trading in its class A common stock would be suspended on July 7, 2023, according to a filing.

A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File Photo

Lordstown shares fell nearly 4% in premarket trading. The stock has tumbled about 88% this year, as of last close.

The EV maker filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn.

Lordstown accused Foxconn of fraudulent conduct and a series of broken promises in failing to abide by an agreement to invest up to $170 million in the company.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'Silva)

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