On March 14, 2024, Nu Ride Inc. (NuRide), formerly known as Lordstown Motors Corp., emerged from bankruptcy as a public reporting company. The company emerged from bankruptcy with approximately $78 million of cash, $1 billion of net operating loss carry forwards and various causes of action. NuRide intends to deploy its cash and intangible assets to (i) investigate and prosecute its causes of action, and (ii) identify, evaluate, and pursue one or more potential business combinations or acquisitions, as determined by the Board. NuRide has no debt apart from certain liabilities related to general unsecured claims filed in the bankruptcy case. Additional information about the company and the Plan of Reorganization is available on the company’s website (www.nurideinc.com) and in the company’s filings with the U.S. Securities and Exchange Commission available at www.sec.gov/edgar.
