NRDE
Industry:
Other

DESCRIPTION

Nu Ride (formerly Lordstown Motors) is a post-bankruptcy shell company with no operating business. Lordstown Motors originally aimed to manufacture electric pickup trucks — the Endurance — for commercial fleet customers, but filed for Chapter 11 bankruptcy in June 2023 and emerged in March 2024 as Nu Ride with essentially no operations and one full-time employee, its CEO. Nu Ride's current activities center on three areas. First, Nu Ride is pursuing litigation against Foxconn, which had agreed to invest in the company and contract-manufacture the Endurance; Nu Ride alleges fraud and breach of contract, and nine claims survived Foxconn's motion to dismiss, though the case is stayed pending appeal. Second, Nu Ride has made roughly $8.8M in secured loans to Florida-based billboard companies under the "Foxpoint Florida" umbrella, earning 15% annual interest with principal due in 2028, alongside minority equity stakes of roughly 20-40% in each borrower. Third, Nu Ride is exploring potential business combinations or reverse mergers, with the primary draw being its NOL tax attributes, which could allow a profitable acquirer to shield future income. Nu Ride's primary assets are cash, the Foxconn litigation claim, the billboard loans, and its NOLs. Nu Ride generates no revenue, and its financial outcome depends almost entirely on litigation proceeds, billboard loan returns, and its ability to execute a business combination.

Read full business overview →