HNHPF - Why Lordstown Motors Stock Jumped 58% Today
Lordstown Motors (NASDAQ: RIDE) stock is absolutely crushing the markets today. Shares of the embattled electric-vehicle (EV) manufacturer were trading up -- hold your breath -- a staggering 47% as of 12:50 p.m. ET Thursday. The stock had surged as high as 58.3% at its highest point in trading today, as of this writing.
Lordstown Motors, which is on the verge of bankruptcy, was just thrown a lifeline, and the market now can't seem to keep its hands off the penny stock.
Just earlier this week, Lordstown Motors shares crashed after the company warned it may not be able to close its deal with Taiwanese electronics-giant Hon Hai Precision (OTC: HNHPF) , better known as Foxconn. Yesterday, however, Lordstown Motors finally closed the deal and sold its Lordstown facility to Foxconn.
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Why Lordstown Motors Stock Jumped 58% Today