RIDE - 5 Reasons Lordstown Motors Stock Is Sinking Today
Electric-truck start-up Lordstown Motors (NASDAQ: RIDE) just confirmed a meaningful deal that should fetch it some much-needed cash. You'd think the development should have sent the electric-vehicle stock soaring.
Instead, Lordstown shares are cracking this morning and were down 15% as of 11:55 a.m. EDT.
Lordstown shares surged on Sept. 30 after Bloomberg reported the company is nearing a deal with Hon-Hai Precision (OTC: HNHPF) , better-known as Foxconn, to sell its assembly plant in Ohio. Lordstown confirmed the rumor later in the evening, but there's a lot more to it than just an asset sale.
For further details see:
5 Reasons Lordstown Motors Stock Is Sinking Today