What Happened to NU Ride?
Ticker: NRDESPAC Year: 2019Merger: 2020
Return
-83.7%
Current Price
$0.1
Peak Price
$477
Trust Size
$49M
Summary
Nu Ride Inc (formerly Lordstown Motors) was an electric vehicle startup that planned to manufacture the Endurance electric pickup truck at a former GM plant in Lordstown, Ohio. The company went public via SPAC merger with DiamondPeak Holdings Corp in 2020 and filed for bankruptcy in June 2023.
What Happened
DiamondPeak Holdings Corp merged with Lordstown Motors in October 2020 at a $1.6 billion valuation amid EV mania. The company faced immediate controversy when a short seller alleged fake pre-orders. Production of the Endurance truck stalled, and Lordstown sold its factory to Foxconn. The company filed for Chapter 11 bankruptcy in June 2023, emerged as Nu Ride Inc in 2024, and is now pursuing claims against Foxconn.
Timeline
2019-01-31
S-1 Registration Filed
2020-10-08
Merger Proxy Filed (DEFM14A)