Lordstown Motors files Delaware petition to validate 200M share increase amid capitalization uncertainty

NU RIDE INC.

Received stockholder letter on Mar 24, 2022 challenging 200M share Class A increase approved at Oct 2020 special meeting.
Company had concluded separate class vote not required based on Delaware counsel opinion; recent Chancery decision created doubt.
Filed Section 205 petition in Delaware Court of Chancery to validate the 2020 amendment and all shares issued thereunder.
If petition denied, capitalization uncertainty could materially harm ability to close Foxconn funding transactions and raise capital.
Board reviewed with outside counsel; believes amendment valid but seeks judicial resolution to eliminate uncertainty.

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