LandX Motors Inc. entered into a definitive agreement to acquire Substantially all assets of Lordstown Motors Corp. (OTCPK:RIDE.Q), Lordstown EV Sales LLC and Lordstown EV Corporation for $10 million.

LandX Motors Inc. entered into a definitive agreement to acquire Substantially all assets of Lordstown Motors Corp. (OTCPK:RIDE.Q), Lordstown EV Sales LLC and Lordstown EV Corporation for $10.2 million on September 29, 2023. The termination fee for LAS Capital LLC is $4 million.

As of October 18, 2023, the transaction was approved by the bankruptcy court. Thomas E Lauria, Gregory Pryor, David Turetsky and Adam Cieply of White & Case LLP acted as legal advisor to Lordstown Motors Corp. Ron E. Meisler, Robert D. Drain and Richard L. Oliver of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to LAS Capital LLC.

Jefferies LLC acted as financial advisor to Lordstown Motors Corp. for a service fee of $2.0 million.