Shares of Lordstown Motors (NASDAQ:RIDE) fell more than 5% in pre-market trading Thursday after the company revealed that it has been issued a delisting notice by the Nasdaq exchange, shortly after filing for bankruptcy protection. The stock has tumbled about 88% this year, as of the last close.
According to a filing, Lordstown received the notice from Nasdaq on June 28, notifying the electric carmaker of its failure to meet listing rules and saying that trading in its class A common stock would be suspended on July 7, 2023.
The Company said it does not intend to appeal the determination.
Lordstown Motors filed for bankruptcy protection on Tuesday and made itself available for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (TW:2354). Lordstown Motors accused Foxconn of fraudulent behavior and a string of unfulfilled commitments and is suing Foxconn's parent company, Taiwanese tech giant Hon Hai (TW:2317), citing the company’s failure to honor an agreement to invest a maximum of $170 million in the company.
Shares of RIDE are down 5.21% in pre-market trading on Thursday.