The electric vehicle manufacturer has made the move after Foxconn failed to close the purchase of approximately 10% of Lordstown's shares for $47.3 million.
If the investment came through, Foxconn would acquire 20% stake in the EV producer. It now holds an 8% stake.
"The Company believes that Foxconn’s various breaches of the Investment Agreement and pattern of bad faith have caused material and irreparable harm to the Company," Lordstown said in the filing.
Price Action: RIDE shares are trading higher by 1.05% at $3.23 on the last check Friday.
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