LORDSTOWN, Ohio, May 23, 2023 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors,” “LMC” or the “Company”), an original equipment manufacturer (“OEM”) of electric vehicles focused on the commercial fleet market, today announced that it will effect a 1:15 reverse stock split (the “Reverse Stock Split”) of its Class A common stock, $0.0001 par value per share (the “Class A common stock”), that will become effective at 12:01 a.m. Eastern Time on May 24, 2023 (the “Effective Time”). The Reverse Stock Split will automatically cause each 15 shares of the Company’s issued and outstanding Class A common stock to be combined into one issued and outstanding share of Class A common stock. No fractional shares will be issued in connection with the Reverse Stock Split. The Reverse Stock Split is intended to improve the marketability and liquidity of the Class A common stock. No assurance can be given regarding the impact of the Reverse Stock Split on the stock price or that Foxconn will meet its obligation to close, even if the stock price remains above $1.00 for the 10 trading-day period.