The electric truck startup Lordstown Motors received a delisting notice from Nasdaq, according to an SEC filing Wednesday.
The company failed to meet Nasdaq’s listing requirements and was informed that trading in its class A common stock would be suspended on July 7. Lordstown does not intend to appeal the delisting.
Lordstown shares are listed on the Nasdaq under the symbol “RIDE.” The stock is down over 87% since the start of 2023.
Lordstown went public in October 2020 in a reverse merger with blank-check company DiamondPeak Holdings.
The company filed for bankruptcy protection Tuesday after a failed deal with contract manufacturer and investor Foxconn, citing that the Taiwanese company failed to deliver on a $170 million investment to develop a scalable EV platform and build its Endurance electric pickup.
Lordstown said it was seeking a buyer and would launch a marketing and sale process for the Endurance and related assets. In a separate press release following its bankruptcy filing, the company said it would continue pursuing its pending litigation against Foxconn.
In addition, the court granted Lordstown interim approval of its first-day employee wages and benefits motion, which allows the company to continue paying all employee wages and salaries and providing benefits without interruption. It will also pay its suppliers and vendors for all goods and services delivered after the June 27 filing date.
