Notes: June 27, 2023 -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown” or the “Company”), an original equipment manufacturer (OEM) of electric light-duty vehicles focused on the commercial fleet market, today announced a strategic restructuring process to maximize the value of its assets: its on-the-road Endurance all-electric (EV) pickup truck and the intellectual property, platform and people that developed it. As part of the process, Lordstown today filed litigation against global technology company Hon Hai Technology Group (TWSE: 2317; LSE:HHPD) and certain of its affiliates, including Foxconn Ventures Pte. Ltd. (collectively, “Foxconn”), in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The litigation details Foxconn’s fraud and willful and consistent failure to live up to its commercial and financial commitments to the Company. Foxconn’s actions led to material damage to the Company as well as its future prospects. In addition, and as a consequence of Foxconn’s material and irreparable harm, Lordstown is commencing a comprehensive marketing and sale process for the Endurance vehicle and related assets. To accomplish this expeditiously and provide a prospective buyer with a going concern asset that is free and clear of any legacy issues, Lordstown is restructuring under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”) in the Bankruptcy Court. Lordstown further anticipates that the restructuring will enable an expedited timeline for hearing Lordstown’s litigation against Foxconn.