LORDSTOWN, Ohio (WKBN) – Lordstown Motors has agreed to extend the deadline to sell its factory to Foxconn.
Saturday was supposed to be the last day of the deadline.
According to a press release, it’s now been pushed back to Saturday, May 14th.
Last year, Lordstown agreed to sell its factory for $230 million dollars to Foxconn.
To date, Foxconn Ohio has made down payments of $100 million in November, 2021, $50 million in January, and $50 million in April.
If the contemplated transactions do not reach final negotiations by May 14, 2022, then Lordstown Motors
would be obligated to repay the down payments to Foxconn.
In April, the parties received clearance of the transactions from the Committee on Foreign Investment in the United States (CFIUS).
Foxconn said both are still negotiating.
Lordstown Motors expects to provide further updates regarding the status of the APA and related transactions as part of its earnings announcement and conference call on May 9, 2022.