Form 4: Nu Ride Inc. Director Keith A. Feldman Reports Changes in Beneficial Ownership Following Emergence from Bankruptcy

Director Keith A. Feldman reports changes in beneficial ownership of Nu Ride Inc. stock following the company's emergence from Chapter 11 bankruptcy on March 14, 2024, including the settlement of restricted stock units (RSUs) upon his resignation from the Board of Directors.

Summary

• Keith A. Feldman, a director of Nu Ride Inc. (formerly Lordstown Motors Corp.), filed a Form 4 to report changes in his beneficial ownership of the company's Class A common stock.
• The changes occurred on March 14, 2024, the effective date of the company's emergence from Chapter 11 bankruptcy.
• The reported transactions involve the conversion of restricted stock units (RSUs) into Class A common stock.
• Feldman resigned from the Issuer's Board of Directors on the Effective Date, and the shares of Class A common stock underlying such RSUs were settled in connection therewith.
• The RSUs were granted on various dates in 2021 and 2022 and had different vesting schedules.
• Feldman had previously elected to defer receipt of the shares underlying the RSUs until specified events.
• Following the reported transactions, Feldman beneficially owns 13,544 shares of Class A common stock.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing changes in beneficial ownership following a bankruptcy event and a director's resignation. It doesn't inherently convey positive or negative sentiment, but rather reports factual information.

Industry Context

This filing reflects the aftermath of Lordstown Motors' bankruptcy and subsequent emergence as Nu Ride Inc. It highlights the changes in ownership structure and management as the company transitions into its new phase. The settlement of RSUs upon a director's resignation is a common occurrence during such corporate restructurings.

Comparison to Industry Standards

• Form 4 filings are standard practice for corporate insiders to report changes in their beneficial ownership of company stock, as mandated by the SEC.
• The reporting requirements are consistent across all publicly traded companies in the United States.
• The specific details of the RSU grants and vesting schedules are unique to Nu Ride Inc.'s compensation plans, but the general structure is similar to those used by other companies to incentivize and retain key personnel.
• The director's resignation and subsequent settlement of RSUs are not uncommon events following a company's emergence from bankruptcy, as management teams often undergo changes during restructuring.

Management Changes

Stakeholder Impact

• Shareholders may be interested in the changes in beneficial ownership as it reflects the evolving ownership structure of the company post-bankruptcy.
• The director's resignation could signal a shift in the company's strategic direction.

Key Dates