- Lordstown Motors Corp (NASDAQ:RIDE) agreed to push back the deadline to sell its Ohio factory to Hon Hai Precision Industry Co Ltd (OTC:HNHPF), operating as Foxconn, Bloomberg reports.
- The struggling EV startup needs to repay Foxconn if the deal does not close by May 14.
- Foxconn acknowledged that the two sides were still negotiating in a “positive and active manner.”
- The companies were yet to reach an agreement that lays out the details of Foxconn building Lordstown’s Endurance EV pickup truck.
- The Committee on Foreign Investment cleared the sale on April 9.
- While Foxconn made a final $50 million down payment on the deal on April 15 under a prior agreement to advance $200 million, the transaction remains subject to “further negotiation and execution of a contract manufacturing agreement.”
- In 2021, Lordstown agreed to sell the factory to Foxconn for $230 million.
- Price Action: RIDE shares traded lower by 0.91% at $2.16 on the last check Monday.
