Get the latest tech news
Lordstown Motors comes out of bankruptcy with a new name to fight Foxconn
The remaining shell of the EV startup will look to merge with another business while it fights Foxconn in court.
The company announced in a late Thursday regulatory filing that it has put into effect a Chapter 11 restructuring plan that was recently approved by the Delaware Bankruptcy court. It sold the former General Motors factory it once owned to Foxconn; the assets related to its electric pickup truck were snapped up by Lordstown founder Steve Burns. The Securities and Exchange Commission recently charged the company with misleading investors about the potential success of its defunct electric pickup truck, forcing Lordstown to set aside $25.5 million to help settle some of the ongoing shareholder lawsuits.
Or read this on TechCrunch