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Nu Ride Inc.
- Market Cap
- Unavailable
- Price
- $1.70
- % Change (Daily % change from the live per-ticker quote feed.)
- +3.66%
- Volume
- 2.5K
About
Lordstown Motors Corp., established in 2018 and operating out of Lordstown, Ohio, is dedicated to the creation, manufacturing, and distribution of the Endurance, an all-electric full-size pickup truck designed specifically for commercial fleet clients across the United States. However, as of June 27, 2023, Lordstown Motors and its associated entities formally entered Chapter 11 bankruptcy, filing a voluntary petition for reorganization with the U.S. Bankruptcy Court for the District of Delaware.
Quick stats
Shares outstanding—
Computed float13.3M
Float / sharesUnknown
Key info
SectorConsumer Cyclical
IndustryAuto - Manufacturers
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0001759546
AI Summary
AI-generated3mo agomajorbullishm and a
NU RIDE ANNOUNCES AGREEMENT TO ACQUIRE MAJORITY STAKE IN AFFINITY ADVISORY NETWORK
Nu Ride has entered into an agreement to acquire a majority stake in Affinity Advisory Network for approximately $9.6 million, consisting of $6.72 million in cash, 80,000 shares of Class A common stock, and up to $1.312 million in earnouts.
Affinity, founded in 2013 and headquartered in Ohio, operates an integrated platform combining insurance distribution and registered investment advisory services across more than 700 U.S. cities, generating over $3.5 million in TTM revenue.
The transaction creates the first independent Field Marketing Organization owned by a publicly traded company, with Affinity founder Robert Hall retaining a 15% ownership interest and continuing to lead the business.
Red flags
- Acquirer is an OTC-listed micro-cap (NRDE), implying higher execution and liquidity risk.
- Deal includes 80,000 shares of common stock, resulting in immediate dilution to existing shareholders.
- Target revenue ($3.5M TTM) is small relative to the $9.6M purchase price, implying a high multiple (~2.7x revenue) that requires significant growth to justify.