The stock was down as much as 60% pre-market, and was trading around $1.42 per share at 9:43 a.m. ET, down by about 48%.
While Foxconn had invested $52.7 million in the electric vehicle maker and holds an equity stake of about 8.4%, Lordstown contends that it had agreed to invest up to $170 million. Foxconn has pushed back, noting that the agreement was void when Lordstown's stocks dropped below $1 per share.