Nov 10 (Reuters) – Lordstown Motors Corp (RIDE.O) said on Wednesday that Taiwan’s Foxconn has bought stock worth $50 million from the U.S. electric vehicle maker, finalizing an equity investment announced in September.
Foxconn acquired the shares at $6.8983 apiece, Lordstown said. The stock, which had closed at $5.56 in regular trading, rose about 10% to $6.11 after the bell.
Foxconn – the world’s largest contract electronics maker best known for assembling Apple’s iPhone – agreed to make a down payment of $100 million by Nov. 18.
The deal is expected to close by April 30, Lordstown said.
Lordstown’s shares have lost more than 70% of their value this year. The company is scheduled to report third-quarter results on Thursday.