An announcement from Lordstown Motors (RIDEQ) is now available.
Lordstown Motors Corp., an electric vehicle startup, has confirmed its bankruptcy plan, which includes a financial reorganization and settlements for various claims, including with the SEC and in the Ohio Securities Litigation. Trading in the company’s stock remains speculative, carrying substantial risks. The approved plan, effective immediately, will see the current board and executive officers replaced, as well as a corporate name change to Nu Ride Inc. The new management will oversee the company’s limited operations and seek to capitalize on significant net operating loss carryforwards to optimize tax attributes.
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