Lordstown Motors (RIDEQ) just unveiled an announcement.
On March 14, 2024, a company undergoing significant changes approved an amendment to expand its Equity Incentive Plan, allowing for 3 million shares of Class A common stock to be issued to employees, consultants, and directors. Simultaneously, the board of directors was reshuffled with several departures and new appointments, including a new CEO, William Gallagher. Additionally, severance agreements were finalized for former executives with various benefits and consulting requirements. The company also amended its Certificate of Incorporation and Bylaws to reflect these changes and announced its emergence from bankruptcy, emphasizing the new phase of its corporate structure and governance.
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