Lordstown Motors fails to close Foxconn funding; dispute escalates, going concern risk

NU RIDE INC.

Foxconn did not close the Subsequent Common Closing on May 8, 2023, depriving Lordstown of ~$47.3M critical funding.
Foxconn asserts Nasdaq minimum bid price notice as a condition failure; Lordstown rejects the claim and plans to enforce contractual rights.
Board appointed two Foxconn designees (Jerry Hsiao, Liting Cai) contingent on closing, which has not occurred.
Company proposes reverse stock split (1:3 to 1:15) at May 22 annual meeting to regain Nasdaq compliance.
Lordstown warns it may need to curtail or cease operations if funding not resolved; evaluating legal and financial alternatives.

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