Lordstown Motors rating moved to Suspended at Goldman Sachs

Goldman Sachs analyst Mark Delaney says the firm is moving its rating on Lordstown Motors to Suspended after the company announced that on 4/21 it had received a letter from Foxconn asserting that Lordstown Motors was in breach of the investment agreement between the two firms due to its previously disclosed receipt of a notice from the Nasdaq indicating that it was no longer in compliance with the $1.00 minimum bid price requirement for continued listing on the exchange. Lordstown Motors has notified Foxconn that it believes the breach allegations in the Foxconn notice are without merit, and believes that the investment agreement remains in effect. Goldman Sachs notes that there is now "insufficient information on which to base an investment view."