Investors in Lordstown Motors (NASDAQ:RIDE) stock will want to keep an eye on the company when July 7 rolls around.
According to a filing with the Securities and Exchange Commission (SEC), shares of RIDE stock are set to be delisted from the Nasdaq Exchange that day. Lordstown Motors notes that it doesn’t have any intention of appealing the delisting decision.
With that decision, shares of RIDE stock will no longer trade on the Nasdaq Exchange when markets open that morning. This comes after the company filed for bankruptcy just a couple of days ago.
What to Know About the RIDE Stock Bankruptcy
Lordstown Motors’ bankruptcy filing has it seeking out a buyer for its Endurance electric vehicle (EV) and assets connected to it. Additionally, the company is suing Hon Hai Precision Industry (OTCMKTS:HNHPF), also known as Foxconn.
Lordstown Motors claims that Foxconn did not “live up to its commercial and financial commitments.” It also says that this resulted in “material damage” to the company and its future prospects.
With today’s news, shares of RIDE stock are seeing strong trading on Thursday morning. That has more than 1.1 million shares of the stock changing hands as of this writing. This is closing in on its daily average trading volume of about 1.8 million shares.
RIDE stock is up slightly as of Thursday morning but is down 87.4% since the start of the year.
Investors looking for even more of the most recent stock market news are going to want to stick around!
We have all of the latest stock market coverage that traders need to know about on Thursday! A few examples of that include why shares of bank stocks, Freyr Battery (NYSE:FREY) stock, and Palantir (NYSE:PLTR) stock are on the move today. All of that news is available at the following links!
More Thursday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
