NU RIDE INC. (NRDE): going-concern / distress — Lordstown Motors files Chapter 11, sues Foxconn for fraud; stock likely has little or no value

NU RIDE INC.

Filed Chapter 11 on June 27, 2023; will pursue sale of Endurance truck and related assets under section 363.
Filed lawsuit against Foxconn alleging fraud, bad faith, and contractual breaches causing material harm.
Foxconn allegedly failed to purchase $47.3M in stock and fund joint development program as per Investment Agreement.
Company is debt-free with significant cash on hand but expects common stock to have little or no value.
Production of Endurance will cease in near term; development activities on future vehicles halted.

item 1.03 item 8.01 item 2.05 item 2.06 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

NU RIDE INC. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-06-27).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-06-27

Exact text from the filing

the Company Parties are pursuing a restructuring through a voluntary petition also filed on June 27, 2023 under chapter 11 (“Chapter 11”) of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the Bankruptcy Court.

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NU RIDE INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-074944

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