Lordstown Motors enters $10M asset sale to LAS Capital (affiliated with former CEO)

NU RIDE INC.

Asset Purchase Agreement with LAS Capital for $10M cash to acquire electric-vehicle assets.
Buyer is LAS Capital, affiliated with former CEO Stephen S. Burns (guarantor) and ex-CFO Julio Rodriguez.
Bankruptcy Court hearing for approval scheduled Oct 18, 2023; deposit of 10% placed in escrow.
Termination fee of $4M payable if buyer breaches; agreement can be terminated if not closed by Oct 31, 2023.
Selling Entities determined no other qualified bids despite receiving non-binding proposals.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NU RIDE INC. entered into Asset Purchase Agreement with LAS Capital LLC valued at $10 million in cash (effective 2023-09-29).

Action: entry
Agreement: asset purchase
Counterparty: LAS Capital LLC
Value: $10 million in cash
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, the Selling Entities entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with LAS Capital and Mr. Stephen S. Burns, an individual, as guarantor of certain obligations of LAS Capital under the Asset Purchase Agreement.

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NU RIDE INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-105414

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