INVESTMENT IN LORDSTOWN MOTORS CORP. (“LMC”)
|9 Months Ended|
Sep. 30, 2021
|Investments, All Other Investments [Abstract]|
|INVESTMENT IN LORDSTOWN MOTORS CORP. (“LMC”)||INVESTMENT IN LORDSTOWN MOTORS CORP. (“LMC”)
During the third quarter of 2021, the Company sold its Investment in LMC at an average price of $6.42 per share. Proceeds from the sale, net of transaction expenses and broker commissions, were approximately $105.1 million. During the three months ended September 30, 2021, the Company recognized a loss of approximately $76.5 million in connection with the sale, which is recorded in Other Loss on the Condensed Consolidated Statements of Operations.
See Note 13, Fair Value Measurements, for additional information regarding the fair value measurement of the Investment in LMC.
The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef