Lordstown Motors turns to a reverse stock split to save Foxconn deal

Lordstown Motors will issue a reverse stock split, a last-ditch move meant to pull the EV automaker out of the penny stock doldrums and salvage a deal with Taiwanese manufacturer Foxconn.
The stock fell about 3.7% to $0.28 a share following the announcement.
Lordstown’s board approved a 1:15 reverse stock split during its shareholder meeting May 22, the company said in a regulatory filing Tuesday. For Lordstown, this means that when the market opens Wednesday, each bundle of 15 shares will be combined into one issued and outstanding share of common stock. The company said it will adjust

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