Lordstown Motors Corp. filed a stalking horse agreement in the US Bankruptcy Court for the sale of substantially all its assets on September 29, 2023. As per the agreement dated September 29, 2023, seeks the Court?s approval for the sale of substantially all its assets to LAS Capital LLC, for a purchase price of $10 million in cash.

Under the terms of the asset purchase agreement, the buyer shall make an earnest money deposit of $1 million upon the execution of the agreement. The buyer is represented by Ron E. Meisler; Robert D. Drain; Richard L. Oliver of Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisors.