Statement from Hon Hai Technology Group (“Foxconn”):
Hon Hai Technology Group (Foxconn) (“the Company”) has been holding a positive attitude in conducting constructive negotiations with Lordstown Motors Corp (LMC) and in assisting LMC in finding a solution to its financial difficulties. However, during this time, LMC has continuously attempted to mislead the public and has been reluctant to perform the investment agreement between the two parties in accordance with its terms.
Foxconn originally hoped to continue discussions and reach a solution that could satisfy all stakeholders, without resorting to baseless legal actions, but so far the two parties have yet to reach a consensus.
Regarding LMC’s litigation announcement today and the false comments and malicious attacks made by LMC in its external statements against Foxconn, the Company reserves the right to pursue legal actions and also suspends subsequent good faith negotiations.
SOURCE: Foxconn
