Lordstown Motors stock is trading below $1 a share.
To raise its trading price, the electric pickup truck manufacturer said in an SEC filing that it may pursue a reverse stock split if shareholders vote to approve it.
Lordstown Motors stock has been trading under $1 for a month, which triggered a warning from the Nasdaq on Wednesday, according to the company. This gives the automaker until October 16 to raise its stock price. But Lordstown Motors can also ask for an extension.Lordstown Motors said it may do a reverse stock split, which is when a company combines multiple shares into one to raise the price of a single share. The value of a stockholder’s investment does not increase with the reverse split.
The company said it wants to do anywhere from a 1-for-3 to a 1-for-15 split, if shareholders approve it.after pausing production earlier this year.In May 2022, Lordstown Motors sold the plant to Foxconn, a global electronics company based out of Taiwan. Foxconn took on hundreds of the automakers employees and signed a contract to manufacture the Endurance.
The Hall of Fame Village resort in Canton dealt with similar circumstances in 2022 and early 2023. Like Lordstown Motors, its share price was trading under $1 a share. Eventually, the Hall of Fame Village did a 1-for-22 reverse stock split, converting every 22 shares into a single share. That brought the price of a single share from about 50 cents to $10.99. The
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