Bankruptcy: NU RIDE INC.

Form Type: 10-K

Filing Date: 2025-03-28

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000164117225001195

Filing Summary: NU RIDE INC. (formerly Lordstown Motors Corp.) emerged from Chapter 11 bankruptcy on March 14, 2024, following a confirmation order from the Bankruptcy Court on March 5, 2024. This process involved significant restructuring including new board appointments and termination of prior executive officers, who now serve as consultants. The company sold certain assets to LandX Motors Inc. in a transaction that closed on October 27, 2023, for $10.2 million. The company currently focuses on resolving bankruptcy claims, ongoing litigation with Foxconn, and exploring potential business combinations. The Foxconn Litigation involves claims against Foxconn for fraudulent conduct relating to previous agreements, with a court decision partially denying Foxconn's motion to dismiss some claims. Furthermore, the company dealt with a settlement of SEC claims as part of its plan and is navigating regulatory and operational challenges post-bankruptcy, with reliance on the current management and board for future operations.

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