secwatch.observer — SEC 8-K summary
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Issuer:     NU RIDE INC. (NRDE)
CIK:        0001759546
Form:       8-K
Filed at:   2023-06-09T23:59:59+00:00
Accession:  0001104659-23-069575
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lordstown Motors disputes Foxconn's claim for 62.8% stake; Nasdaq bid price issue resolved
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- Foxconn claims right to buy 26.9M shares at $1.76 each post-reverse split, representing 62.8% of Lordstown stock for $47.3M.
- Lordstown rejects Foxconn's interpretation, stating deal was for ~10% and Foxconn's position violates Nasdaq 19.99% limit.
- Nasdaq closed April 19 bid price deficiency letter; Lordstown says condition for Subsequent Common Closing is now satisfied.
- Lordstown believes Foxconn will not close and intends to enforce rights through litigation; cites material and irreparable harm.
- Company discloses substantial doubt about going concern; may need to curtail operations or file for bankruptcy.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1759546/000110465923069575/0001104659-23-069575-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1759546/000110465923069575/tm2318213d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-069575

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