LORDSTOWN, Ohio - Lordstown Motors announced on Thursday that it does not intend to appeal Nasdaq’s decision to delist the company from the stock market.

The company disclosed in a Security and Exchange Commission filing that on Wednesday it received a written notice from the Listing Qualifications Department of Nasdaq stating that, because of the Chapter 11 bankruptcy case and under Nasdaq rules, the Company’s Class A common stock will be delisted from the Nasdaq Global Select Market.

Trading of the Company’s Class A common stock will be suspended by Nasdaq at the opening of business on July 7, 2023

The Company said it does not intend to appeal the determination.

Lordstown Motors shares dropped in value from $2.77 per share on Monday to $1.13 on Tuesday after the company announced it was filing for Chapter 11.  The stock closed at $2.11 on Wednesday.

Nasdaq threatened to delist Lordstown Motors in April after its stock value remained below $1 per share for a month.

Using a reverse stock split, the company boosted the share value earlier this month to survive the threat.

Lordstown Motors is suing Foxxconn parent company, Taiwanese tech giant Hon Hai, blaming the failure to make good on an investment deal for the EV startup current financial woes.