8-K
filed May 23, 2023, 7:59 PM ET
ticker NRDE
CIK 0001759546
other material
confidence high
sentiment negative
materiality 0.85
Lordstown Motors 1:15 reverse stock split effective May 24; Foxconn refuses $47.3M close, cash at $165M
NU RIDE INC.
- 1:15 reverse stock split effective May 24, 2023; aims to regain Nasdaq $1.00 minimum bid price compliance.
- Foxconn refused to close $47.3M stock purchase on May 8; company reserves rights and disputes Foxconn's position.
- 56 Endurance vehicles built to date, 18 delivered (12 since late April); production continues with software updates.
- Cash, equivalents and short-term investments ~$165M as of April 30, down $11M from March 31.
- Stockholders approved 8M share increase in 2020 Equity Incentive Plan and reverse split ratio between 1:3 and 1:15.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
NU RIDE INC.: Amended charter to effect a 1:15 reverse stock split of Class A common stock (effective 2023-05-24).
- Change
- charter amendment
- Effective
- 2023-05-24
Exact text from the filing
The Board authorized a 1:15 reverse stock split (the “Reverse Stock Split”) of the outstanding Class A common stock, which will become effective as of 12:01 a.m. Eastern Time on May 24, 2023 (the “Effective Time”).
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
NU RIDE INC. shareholders approved Election of Class III directors.
- Proposal
- director election
- Outcome
- passed
Exact text from the filing
The Stockholders elected each of the following Class III director nominees to serve for a term of three years and until their respective successors are duly elected and qualified, as set forth below.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
NU RIDE INC. shareholders approved Non-binding advisory approval of compensation of named executive officers.
- Proposal
- say on pay
- Outcome
- passed
Exact text from the filing
The Stockholders approved, on a non-binding advisory basis, the compensation of our named executive officers, as set forth below.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
NU RIDE INC. shareholders approved Approval of amendment to 2020 Plan to increase number of shares of Class A common stock reserved under the plan by 8,000,000.
- Proposal
- equity plan
- Outcome
- passed
Exact text from the filing
The Stockholders approved the amendment of the 2020 Plan to increase the number of shares of Class A common stock reserved under the plan by 8,000,000, as set forth below.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
NU RIDE INC. shareholders approved Ratification of appointment of KPMG LLP as independent registered public accounting firm for fiscal year ending December 31, 2023 at the 2023-12-31 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-12-31
Exact text from the filing
The Stockholders ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023, as set forth below.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
NU RIDE INC. shareholders approved Approval of amendment to Charter to effect reverse stock split at a ratio ranging from 1:3 to 1:15, with Board discretion on timing and specific ratio.
- Proposal
- reverse split
- Outcome
- passed
Exact text from the filing
The Stockholders approved the amendment of the Company’s Charter to effect a reverse stock split of the Company’s Class A common stock at a ratio ranging from 1:3 to 1:15, and to authorize the Board to determine, at its discretion, the timing of the amendment and the specific ratio of the reverse stock split.
View on SEC.gov
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