Lordstown Motors Stock Now Trades as RIDEQ, Signaling Bankruptcy

TL;DR

**Lordstown Motors (RIDEQ) is officially in bankruptcy, stock is highly speculative.**

AI Summary

Lordstown Motors Corp. (RIDEQ) filed an 8-K on February 1, 2024, disclosing that its Class A common stock, with a par value of $0.0001 per share, is now trading under the symbol RIDEQ. This change reflects its status as a company in bankruptcy proceedings, as indicated by the 'Q' suffix. This matters to investors because the 'Q' symbol signals significant financial distress and potential delisting, making the stock highly speculative and risky.

Why It Matters

The 'Q' suffix on the ticker symbol RIDEQ indicates that Lordstown Motors Corp. is currently undergoing bankruptcy proceedings, which significantly impacts the value and future prospects of its stock.

Risk Assessment

Risk Level: high — The 'Q' suffix on the ticker symbol explicitly indicates bankruptcy, meaning the stock faces a very high risk of being delisted and shareholders potentially losing their entire investment.

Analyst Insight

A smart investor would avoid purchasing RIDEQ stock due to its bankruptcy status, and existing shareholders should evaluate their position for potential total loss.

Key Numbers

• $0.0001 — Par Value per Share (The par value of Lordstown Motors Corp. Class A common stock.)

Key Players & Entities

• Lordstown Motors Corp. (company) — the registrant filing the 8-K
• RIDEQ (company) — the new trading symbol for Lordstown Motors Corp. Class A common stock
• $0.0001 (dollar_amount) — par value per share of Class A common stock
• January 31, 2024 (date) — date of earliest event reported
• February 1, 2024 (date) — filing date of the 8-K

Forward-Looking Statements

• Lordstown Motors Corp. will likely be delisted from its current exchange. (Lordstown Motors Corp.) — high confidence, target: Within 6-12 months
• Shareholders of RIDEQ will experience significant or total loss of investment. (RIDEQ shareholders) — high confidence, target: Ongoing

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share RIDEQ * Indicate by che
• $3 million — ation Settlement, the Debtors would pay $3 million into escrow on the effective date of th
• $7 million — of (a) 25% of such net proceeds and (b) $7 million. The Proposed Plan contemplates that th
• $45 million — im against the Debtors in the amount of $45 million (the "SEC Claim"). The Proposed Plan co

Filing Documents

• tm244583d1_8k.htm (8-K) — 36KB
• 0001104659-24-009103.txt ( ) — 207KB
• ride-20240131.xsd (EX-101.SCH) — 3KB
• ride-20240131_lab.xml (EX-101.LAB) — 33KB
• ride-20240131_pre.xml (EX-101.PRE) — 22KB
• tm244583d1_8k_htm.xml (XML) — 3KB

01

Item 7.01 Regulation FD Disclosure. As previously disclosed, on June 27, 2023 (the "Petition Date"), Lordstown Motors Corp., a Delaware corporation (the "Company"), and its subsidiaries (collectively, the "Debtors"), commenced voluntary proceedings under chapter 11 ("Chapter 11") of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Chapter 11 proceedings are being jointly administered under the caption In re: Lordstown Motors Corp., et al. , Cases No. 23-10831 through 23-10833 (the "Chapter 11 Cases"). As previously disclosed, on September 1, 2023, the Debtors filed the Joint Chapter 11 Plan of Lordstown Motors Corp. and Its Affiliated Debtors and accompanying Disclosure Statement Pursuant to 11 U.S.C. 1125 with Respect to Joint Chapter 11 Plan of Lordstown Motors Corp. and Its Affiliated Debtors. On October 24, 2023, the Debtors filed the First Amended Joint Chapter 11 Plan of Lordstown Motors Corp. and Its Affiliated Debtors and accompanying Disclosure Statement Pursuant to 11 U.S.C. 1125 with Respect to First Amended Joint Chapter 11 Plan of Lordstown Motors Corp. and Its Affiliated Debtors. On October 29, 2023, the Debtors made certain modifications to the proposed plan and disclosure statement and updated versions thereof were submitted to the Bankruptcy Court. On October 30, 2023, the Debtors made further modifications to the proposed plan and disclosure statement and updated versions thereof were submitted to the Bankruptcy Court. On November 1, 2023, the Bankruptcy Court entered an order approving the proposed disclosure statement and the procedures to be used in connection with the solicitation of votes on the proposed plan and the Debtors filed solicitation versions of the proposed plan and disclosure statement (the "Disclosure On January 31, 2024, the Debtors filed the Second Modified First Amended Plan of Lordstown Motors Corp. and Its Affiliated Debtors (as may be further m

Forward-looking Statements

Forward-looking Statements This report includes forward looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," "expects," "estimates," "projects," "intends," "should," "is to be," "may," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking materially from the forward-looking statements contained herein due to many factors. With respect to the matters addressed in this report, those factors include, but are not limited to the risks and uncertainties regarding the impact of the SEC Claim; changes to the terms and conditions of the Proposed Plan before it becomes final; the approvals required from the Bankruptcy Court and stakeholders that will be entitled to vote on the Proposed Plan; approvals required from the SEC with respect to the Offer and the OIP; our ability to successfully complete the Chapter 11 Cases, including our ability to successfully resolve litigation and other claims that may be filed against us, and to finish developing, negotiating, confirming and consummating the Proposed Plan or any Chapter 11 plan; our ability to obtain timely approval of the Bankruptcy Court with respect to our motions filed in the Chapter 11 Cases; the adverse impact of the Chapter 11 Cases on our business, financial condition and results of operations; the ongoing litigation with Foxconn, including any counterclaims Foxconn may raise, and any other pending or future litigation or claims asserted with respect to or by the Company and efforts to settle such matters and any terms thereof; possible claims by suppliers or others for our inability to meet obligations to them; the av

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LORDSTOWN MOTORS CORP. By: /s/ Adam Kroll Name: Adam Kroll Date: February 1, 2024 Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR