What's Going On With Lordstown Motors Stock Today
Portfolio Pulse from Anusuya Lahiri
Lordstown Motors announced a 1:15 reverse stock split of its Class A common stock effective May 24, 2023, to improve marketability and liquidity. The stock has plunged 73.5% YTD and 13% last week. The company faces potential bankruptcy after Foxconn Ventures sought to withdraw from a $170 million investment deal.
May 23, 2023 | 1:14 pm
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NEGATIVE IMPACT
Lordstown Motors' stock plunges following the announcement of a 1:15 reverse stock split and potential bankruptcy due to Foxconn Ventures withdrawing from a $170 million investment deal.
The announcement of the reverse stock split and potential bankruptcy due to Foxconn Ventures withdrawing from the investment deal has a direct negative impact on Lordstown Motors' stock price. The stock has already plunged 73.5% YTD, and the recent news is likely to further decrease investor confidence and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100