Lordstown Inventory Surges As Apple Provider Foxconn Takes 18.3% Stake
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Lordstown Motors (RIDE) shares surged increased Tuesday after the upstart electrical automobile maker unveiled a brand new fairness funding from Taiwan-based Apple (AAPL) provider Foxconn.
Lordstown stated Foxconn, formally often known as Hon Hai Precision Manufacturing, will take an 18.3% stake within the group, in addition to two seats on the board, for an fairness injection of round $170 million. The deal, which shall be run by Foxconn affiliate Foxconn Ventures Pte Ltd., will make it the largest Lordstown shareholder, topping that of discovered Stephen Burns.
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