SEC settles with Lordstown Motors for $25.5M disgorgement, contingent on plan confirmation

NU RIDE INC.

SEC approved cease-and-desist order on Feb 29, 2024, requiring $25.5M disgorgement for securities law violations; company consented.
Disgorgement deemed satisfied upon Chapter 11 plan confirmation funding $3-10M to Ohio securities class and $15.5M to Delaware class.
Company to pay at least $3M into escrow for Ohio securities class on effective date of plan.
Former directors seek $3.5M indemnification from company for Delaware class action; amount not yet resolved.
Bankruptcy court hearing on plan confirmation scheduled for March 5, 2024.

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