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The 1:15 split will happen on May 24, the electric vehicle startup said, but added there was no assurance that the Foxconn deal will close.
Lordstown Motors shares fell 10% in premarket trading to $0.26, slipping further below the $1 minimum requirement of the Nasdaq.
The company had earlier this month warned it might be forced to file for bankruptcy due to uncertainty over the investment from Foxconn.
