Lordstown Motors disputes Foxconn's claim for 62.8% stake; Nasdaq bid price issue resolved

NU RIDE INC.

Foxconn claims right to buy 26.9M shares at $1.76 each post-reverse split, representing 62.8% of Lordstown stock for $47.3M.
Lordstown rejects Foxconn's interpretation, stating deal was for ~10% and Foxconn's position violates Nasdaq 19.99% limit.
Nasdaq closed April 19 bid price deficiency letter; Lordstown says condition for Subsequent Common Closing is now satisfied.
Lordstown believes Foxconn will not close and intends to enforce rights through litigation; cites material and irreparable harm.
Company discloses substantial doubt about going concern; may need to curtail operations or file for bankruptcy.

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