all right guys uh let's also talk a little Lordstown Motors that stock taking a beating this morning after the EV truck maker announced it was filing for chapter 11 bankruptcy protection the company is also suing taiwan-based manufacturing giant Foxconn technology and joining us now with more on this we've got Yahoo finance reporter Josh Shafer Josh what do we know yeah Brad so word style Motors as you said file for chapter 11 bankruptcy today also suing Foxconn remember that's the Apple the Apple iPhone maker that's what we most common we know Foxconn 4 so that's why that's very notable and really what happened here is Lordstown Motors has not been able to sell a lot of vehicles they've been struggling fought they had seek sought out Foxconn for funding and they're saying Foxconn never gave them that full funding Foxconn argued well the stock price went down too low so we didn't owe you the money that will be played out in court but it's going to be interesting to again see that iPhone maker have to go to court with an American company a Taiwan based company they're going to court with an American company and I think the interesting thing with Lordstown when you zoom out bankruptcy you always think what are the assets right so they have that endurance pickup truck that is a certified vehicle in the U.S that they have delivered and they have a plant in Lordstown Ohio that someone might want to buy that is an operational plant that in up and coming EV maker now don't they I think but I think that would also be what the court case is about right so then if they were right so that would be we're spinning it forward a little bit but potentially Foxconn might not own that depending on how the court case goes right oh I see because they do because they did buy it as part of this whole deal boxcon if they do end up keeping it they could use the plan right I mean you know one of the threads we were talking about this morning in our meeting is that obviously there are Stakes here not just for Foxconn and for Lordstown Motors but for the town of Lordstown itself which was the whole Prospect was like revitalization of this town and now there are a lot of questions about what the future looks like for them you know it was a promising I mean you remember former president Trump was saying Lordstown Motors this is a great moment they introduced the truck on the on the White House lawn that was just two three years ago now and now you're seeing this company file for bankruptcy I also think there's an interesting stock story here too when you think about a 2020 SPAC IPO that was trading at over 400 per share you take a look at that Max chart now it's down below two dollars I mean they only had a hundred eighty eight thousand hundred eighty nine thousand and quarterly net sales in the most recent quarter so they never really materialized as a company which I think is always interesting when you think about these specs these IPOs what are they actually doing from a business perspective when you're buying those stocks well that was part of that whole enthusiasm that we had not just for electric vehicles but for autonomous vehicles I think of Argo AI which also filed for bankruptcy one of those early players in the AI business and you had some others that came public through specs right that also saw surges at that time and now as time goes on I mean you have to think about that as we look at the AI situation now right and whether they're going to be I mean whenever you get a you know a hype like that yeah the bubble always pops there's some of them that don't survive yeah
