NU Ride Inc (NRDE)

[Nikodemos]

Welp! Looks like ~3.869mm NEW shares liquidated since that report:
https://www.otcmarkets.com/filing/html?id=16205870&guid=xW_-kHwwSFTsB3h

The man who started electric pickup truck startup manufacturer Lordstown Motors then resigned as CEO has sold more than $16 million worth of stock in the company since early last week.

According to documents filed with the U.S. Securities and Exchange Commission, Steve Burns has sold 8,679,000 shares of Lordstown Motors Common Stock worth $1.70 to $1.97 per share in separate transactions since November 8.

The total worth of the five recent transactions amount to $16,224,150.

The sales leaves Burns with a remaining 26,683,745 shares of LMC as of Tuesday.

This past April Burns sold 7,785,000 LMC shares worth a total of $19,629,600. During the previous November he sold 3,204,000 shares which were valued at $5.88 at the time.

Burns became CEO of Lordstown Motors after announcing in 2019 that he was in negotiations with General Motors to purchase its former Lordstown Assembly Plant to manufacture electric powered pickup trucks, which eventually became known as the Endurance.

In June of 2021, Burns resigned as LMC CEO at the same time the company disclosed that a special committee looking into a damaging report by Hindenburg Research found “issues regarding the accuracy of certain statements regarding the company’s pre-orders.”


Although the committee concluded that Hindenburg’s report was false and misleading, it did find some credence in claims about inaccurate pre-order disclosures made by LMC.

What I don't get is the filing SAYS 28,502,745 shares remaining. Which isn't consistent with the NEWS REPORT. So I'm NOT exactly sure what to make of it! Looks like this LONG STANDING BOTTOM around $1.49 - $1.51, hit nearly SIX TIMES since May 11, 2022 is about to get OBLITERATED.

This (FOUNDER) guy seems to be DESTROYING the price per share & with ~28mm MORE in hand, selling at this ACCELERATED RATE: I just don't see how the market will absorb all the SELLING without crashing & sinking lower! Everyone HAS TO BE AFRAID that the Founder & former CEO knows something... Not to mention the accusations of misrepresented sales figures, etc..

NOT GOOD! Was thinking about taking a STARTER POSITION here but,... I may have to stay sidelined until the FORMER CEO stops DESTROYING the pps. A drop below the HISTORIC LOW of $1.49 here (with 28mm shares remaining in his possession for LIQUIDATION) & who knows where the price of this stock will be when the dust settles...