RIDE - Does This Huge Deal With Foxconn Make Lordstown Motors Stock a Buy?
Lordstown Motors (NASDAQ: RIDE) said that it has entered into a "definitive" agreement to sell its Ohio factory to Taiwan's Hon Hai Precision Industry (OTC: HNHPF) , better known as Foxconn, in a deal that will raise nearly $300 million for the embattled electric-truck start-up.
The deal provides a glimmer of hope for long-suffering Lordstown shareholders, after a year in which a short-seller's allegations of fraud led to the departure of the company's founder .
But is it enough to make Lordstown's stock a buy?
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Does This Huge Deal With Foxconn Make Lordstown Motors Stock a Buy?