Foxconn finalizes $50 million stock deal with Lordstown Motors

FILE PHOTO: People wear masks to protect themselves from the coronavirus disease (COVID-19) while listening to the annual general meeting at the lobby of Foxconn's office in Taipei, Taiwan, June 23, 2020. REUTERS/Ann Wang/File Photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) - Lordstown Motors Corp said on Wednesday that Taiwan's Foxconn has bought stock worth $50 million from the U.S. electric vehicle maker, finalizing an equity investment announced in September.

Foxconn acquired the shares at $6.8983 apiece, Lordstown said. The stock, which had closed at $5.56 in regular trading, rose about 10% to $6.11 after the bell.