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Nu Ride Inc. - Class A (NRDE-2.31%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's emergence from Chapter 11 bankruptcy on March 14, 2024, under the name 'Nu Ride Inc.' The company ceased production and sales of its flagship vehicle, the Endurance, and sold certain assets to LandX Motors Inc. for $10.2 million in cash.
Nu Ride's remaining assets include cash, claims in the Foxconn Litigation, and net operating loss carryforwards. The company is exploring potential business opportunities, including strategic alternatives or business combinations.
The filing details the company's legal proceedings, including the Foxconn Litigation, which seeks relief for alleged breaches and fraudulent conduct by Foxconn. The Bankruptcy Court partially denied Foxconn's motion to dismiss the litigation.
Nu Ride reported a net loss of $8.1 million for the year ended December 31, 2024, compared to a net loss of $343.1 million in the previous year. The company had no revenues in 2024 as operations were limited post-bankruptcy.
The company's liquidity and ability to continue as a going concern depend on resolving significant claims and realizing value from its retained causes of action.
Nu Ride's Class A common stock trades on the OTC Pink Marketplace under the symbol 'NRDE.' The company has no plans to pay cash dividends in the foreseeable future.
The filing also includes information on the company's governance, executive compensation, and financial statements for the fiscal year ended December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nu Ride Inc. - Class A annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.