LORDSTOWN, Ohio (WKBN)- Lordstown Motors stock will have a reverse stock split Wednesday.
The goal is to get the price of the stock above $1 per share so it can meet requirements to still be listed on the Nasdaq.
Listing on the exchange was a condition in an agreement with Foxconn to get more funding.
The reverse split will take every 15 shares of common stock and combine it into one share. Based on today’s closing price of 28 cents a share, the new shares will start trading at roughly $4.20 cents each.
The stock will start trading on the split-adjusted price on Wednesday.