Lordstown Motors Corp.
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- Lordstown Motors Corp Lordstown Motors Corp. (RIDEQ), now operating as Nu Ride Inc., is a public reporting company focused on pursuing business combinations or acquisitions following its emergence from Chapter 11 bankruptcy; it previously developed and manufactured electric light-duty work vehicles, primarily the Endurance full-size battery electric pickup truck equipped with independent wheel hub motors for all-wheel drive, targeting commercial fleet customers in the United States with features designed to reduce maintenance costs and total ownership expenses compared to internal combustion engine vehicles. The company offers proprietary technologies in electric vehicle platforms, infotainment systems, cybersecurity, connected vehicle services, and fleet management solutions; it established subsidiaries such as Lordstown EV Sales LLC for direct customer orders and held dealership licenses in states like California. Founded in 2018 by Steve Burns and originally headquartered in Lordstown, Ohio, at the former General Motors Lordstown Assembly plant, the company relocated its headquarters to New York City post-bankruptcy and maintains operations tied to North American commercial fleet markets. Lordstown Motors entered limited production of the Endurance in September 2022, producing fewer than 500 units through mid-2023 before halting due to financial challenges and a recall for electrical propulsion issues; in May 2022, it sold the Lordstown plant to Foxconn Technology Group for $230 million, forming a joint venture MIH EV Design LLC for EV development and designating Foxconn as contract manufacturer, though the relationship deteriorated leading to a June 2023 lawsuit alleging fraud and bad faith. The company filed for Chapter 11 bankruptcy in September 2023, sold Endurance-related assets including vehicles, machinery, and intellectual property to LAS Capital LLC (majority-owned by founder Steve Burns) for $10.2 million in October 2023, and emerged debt-free as Nu Ride Inc. in March 2024 with approximately $78 million in cash, $1 billion in net operating loss carryforwards, and retained causes of action for prosecution. In 2021, it settled SEC and class action claims for $25.5 million over misleading investor statements on pre-orders and production capabilities, marking significant operational wind-down from EV manufacturing to a special purpose acquisition structure.
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SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Lordstown Motors Corp. of a Class Action Lawsuit and a Lead Plaintiff Deadline of January 1, 1800 - (OTC Other: RIDEQ)
SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Lordstown Motors Corp. of a Class Action Lawsuit and a Lead Plaintiff Deadline of September 25, 2023 - (OTC Other: RIDEQ)
SHAREHOLDER ALERT: Potential Recovery for Lordstown Motors Corp. (RIDEQ) Investors Affected by Stock Drop – Levi & Korsinsky Pursuing Class Action Lawsuit