Form 4: Nu Ride Inc. Director Spencer Dale Gene Reports Changes in Beneficial Ownership Following Emergence from Bankruptcy
SEC Form 4
Director Spencer Dale Gene reports changes in beneficial ownership of Nu Ride Inc. (formerly Lordstown Motors Corp.) stock following the company's emergence from Chapter 11 bankruptcy on March 14, 2024, including the vesting and settlement of restricted stock units.
Summary
- This Form 4 filing details changes in beneficial ownership of Nu Ride Inc. (NRDE) stock by Director Spencer Dale Gene.
- The transactions occurred on March 14, 2024, coinciding with the company's emergence from Chapter 11 bankruptcy and name change from Lordstown Motors Corp.
- The reported transactions involve the vesting and settlement of restricted stock units (RSUs) that were previously granted to Mr. Gene.
- These RSUs converted into Class A common stock on a one-for-one basis.
- Mr. Gene 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.
- Specifically, 136 RSUs granted on February 5, 2021, 1,062 RSUs granted on February 5, 2022, and 2,127 RSUs granted on May 19, 2022, were settled.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing related to a director's stock ownership changes following a bankruptcy event. It doesn't inherently convey positive or negative sentiment, but rather reflects a procedural update.
Industry Context
This filing reflects the aftermath of Lordstown Motors' bankruptcy proceedings and subsequent emergence as Nu Ride Inc. It highlights the changes in ownership structure and executive departures that often accompany such transitions.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Spencer Dale Gene | 03/14/2024 | Resignation from the Issuer's Board of Directors |
Legal Proceedings
- On June 27, 2023, Lordstown Motors Corp., together with its subsidiaries (collectively, the 'Debtors'), filed voluntary petitions for relief (the 'Chapter 11 Cases') under Chapter 11 of the United States Bankruptcy Code (the 'Bankruptcy Code') in the United States Bankruptcy Court for the District of Delaware (the 'Bankruptcy Court').
Stakeholder Impact
- Shareholders may be interested in the changes in beneficial ownership as it reflects the post-bankruptcy ownership structure.
- Employees may be affected by the management changes and the company's overall restructuring.
Key Dates
| Date | Description |
|---|---|
| February 5, 2021 | Reporting person was granted 410 RSUs, vesting in three equal annual installments beginning on February 5, 2022. |
| February 5, 2022 | Reporting person was granted 1,062 RSUs, vesting on May 19, 2022. |
| May 19, 2022 | Reporting person was granted 2,127 RSUs, vesting on May 19, 2023. |
| June 27, 2023 | Lordstown Motors Corp. filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. |
| March 5, 2024 | The Bankruptcy Court entered an order confirming the Third Modified First Amended Joint Chapter 11 Plan of Lordstown Motors Corp. |
| March 14, 2024 | The Plan was consummated and became effective, and the Debtors emerged from the Chapter 11 Cases with the Company changing its name to Nu Ride Inc. |
| March 18, 2024 | Date of signature of the Form 4 filing. |
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