Nu Ride Inc.

Board Member Alexander Matina Appointed as CEO

NEW YORK, Sept. 26, 2025 /PRNewswire/ -- Nu Ride Inc. ("Nu Ride" or the "Company") (OTCMKTS: NRDE), formerly known as Lordstown Motors Corp., announced that its Board of Directors has appointed Board member Alexander Matina as Chief Executive Officer (CEO), effective immediately. Mr. Matina succeeds William Gallagher, who served as CEO since the Company's emergence from Chapter 11 proceedings in March 2024, in accordance with the engagement letter between the Company and M3 Partners, LP ("M3 Partners") pursuant to which M3 Partners agreed to provide the Company with executive management and support services, including through Mr. Gallagher. 

Mr. Matina brings extensive leadership and public company experience, as well as decades of experience with strategic transactions. He is currently the Managing Member of LANECR Consulting LLC and previously served in various leadership roles, including Portfolio Manager at MFP Investors LLC.  He also has served as a Director of several public and private companies.

Andrew L. Sole, Chairman of the Board, remarked, "The Board is very pleased to welcome Alex to the CEO role.  After careful consideration, the Board has determined now is the right time for a leadership transition.  Nu Ride has made tremendous progress since emerging from Chapter 11 in March 2024, and the Board has confidence that Alex will help lead the Company as it looks to move forward in new directions."

"On behalf of the full Board and all our stakeholders, I also want to thank Bill for his leadership and the role he and M3 Partners have played in guiding the Company following its emergence from bankruptcy. We are grateful to Bill for his many contributions to the Company and wish him all the best in his future endeavors and look forward to continuing to work with M3."

Additional information about the Company is available on the Company's website (www.nurideinc.com) and in the Company's filings with the U.S. Securities and Exchange Commission, available at www.sec.gov/edgar.

Please send inquiries to inquiries@nurideinc.com.

View original content:https://www.prnewswire.com/news-releases/nu-ride-announces-leadership-transition-302568405.html

SOURCE Nu Ride Inc.

NEW YORK, Sept. 15, 2025 /PRNewswire/ -- Nu Ride Inc. ("Nu Ride" or the "Company") (OTCMKTS: NRDE), formerly known as Lordstown Motors Corp., announced that on September 12, 2025, the United States District Court for the District of Delaware affirmed the Bankruptcy Court's decision partially denying and partially granting the Foxconn Adversary Motion to Dismiss. Accordingly, as found by the Bankruptcy Court, nine of the Company's claims continue to survive the motion to dismiss, including without limitation claims for fraud, breach of the investment agreement, and tortious interference. 

Andrew L. Sole, Chairman of the Board, remarked, "We are pleased that the District Court affirmed the Bankruptcy Court decision."

As previously disclosed, on June 27, 2023, the Company commenced an adversary proceeding against Foxconn (the "Foxconn Litigation") in the United States Bankruptcy Court for the District of Delaware seeking relief for fraudulent and tortious conduct as well as breaches of the Investment Agreement and other agreements entered into by the parties that the Company believes were committed by Foxconn. On September 29, 2023, Foxconn filed a motion to dismiss all counts of the Foxconn Litigation and brief in support of the same (the "Foxconn Adversary Motion to Dismiss"), asserting that all of the Company's claims are subject to binding arbitration provisions and that the Company has failed to state a claim for relief. On August 1, 2024, the Bankruptcy Court entered an opinion and order partially denying and partially granting the Foxconn Adversary Motion to Dismiss, which was subsequently amended on October 1, 2024. Nine of the Company's claims survived the motion to dismiss on the grounds that the Company pled viable claims against Foxconn and the claims were not subject to mandatory arbitration. The Court also dismissed two of the Company's claims in favor of arbitration, and allowed that the two dismissed claims should proceed to arbitration. The order was appealed by Foxconn in the United States District Court for the District of Delaware, and the Bankruptcy Court stayed litigation of the claims that it ruled were not subject to arbitration pending that appeal.

The Company continues to believe that Foxconn's actions have caused substantial harm to the Company's operations and prospects and caused significant damages and intends to vigorously continue pursuing this litigation. However, no assurances can be provided as to the Company having sufficient resources to pursue the Foxconn Litigation, the outcome or recoveries, if any.

Additional information about the Company is available on the company's website (www.nurideinc.com) and in the Company's filings with the U.S. Securities and Exchange Commission, available at www.sec.gov/edgar.

Please send inquiries to inquiries@nurideinc.com.

View original content:https://www.prnewswire.com/news-releases/district-court-affirms-bankruptcy-decision-allowing-nu-ride-incs-adversary-claims-against-foxconn-to-proceed-302556810.html

SOURCE Nu Ride Inc.