Lordstown goes with reverse stock split to satisfy Nasdaq guidelines, calm Foxconn By Reuters

© Reuters. SUBMIT IMAGE: Lordstown Motors and Foxconn logo design is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration

( Reuters) -Lordstown Motors Corp stated on Tuesday it will perform a reverse stock split to satisfy the Nasdaq listing standards and to calm financier Foxconn, which had actually threatened to ditch a vital $170 million financing.

The 1:15 split will occur on May 24, the electrical lorry start-up stated, however included there was no guarantee that the Foxconn offer will close.

Lordstown Motors shares fell 10% in premarket trading to $0.26, slipping even more listed below the $1 minimum requirement of the Nasdaq.

The business had previously this month cautioned it may be required to declare personal bankruptcy due to unpredictability over the financial investment from Foxconn.

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