Excellent 10Q spells out what MOST can't see. This is preparing for a massive influx in court awarded cash thru a positive court decision against Foxconn and optimistically granted. They are crossing T's and dotting I's while proving absolute harm caused to operations from Foxconn's fraud and deceit.
The 10Q spells is out and by using terms such as "going concern" indirectly states, remaining in business.
NU Ride Inc. remains a strong hold as the writing is on the wall.
We may choose not to hold a shareholder vote to approve a business combination if the business combination would not require shareholder approval under applicable law or stock exchange listing requirement. For instance, if we were seeking to acquire a target business where the consideration we were paying in the transaction was all cash, we would typically not be required to seek shareholder approval to complete such a transaction. Except as required by applicable law or stock exchange requirement, the decision as to whether we will seek shareholder approval of a proposed business combination or will allow shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval.
Risks Related to our Business
We are a shell company, and our only material assets are cash on hand, the claims asserted in the Foxconn Litigation, claims that the Company may have against other parties, and NOLs.
As a shell company (as defined in Rule 12b-2 of the Exchange Act), our only material assets are cash on hand and intangible assets, including the claims asserted in the Foxconn Litigation, claims the Company may have against other parties and NOLs. As of March 31, 2024, we had $19.7 million cash and cash equivalents, excluding restricted cash. For the foreseeable future, our principal source of revenue and cash flow will be investment income from our investment portfolio, if any. We anticipate relying upon such liquid assets to sustain operating expenses, unless or until the consummation of a business combination or we are able to secure additional funding, if at all. We cannot provide any assurance that we will identify a suitable business opportunity, consummate a business combination or that our choice of business combination will result in profitable operations, the ability to generate cash or the effective utilization of our NOLs. Moreover, there can be no assurance that financing will be available to us on favorable terms and timing or at all. We and our auditors have identified conditions and events that raise substantial doubt about our ability to continue as a going concern. If we are not able to continue as a going concern, or if there is continued doubt about our ability to do so, the value of your investment would be materially and adversely affected. We cannot predict or quantify the ultimate impact that events that have occurred during or upon our emergence from the Chapter 11 Cases may have on ultimate recovery for stakeholders, including creditors and stockholders.
The expenses and awards, if any, attributable to the Foxconn Litigation is uncertain.
Due to the inherent uncertainties of litigation and regulatory proceedings, we cannot accurately predict the ultimate outcome of the Foxconn Litigation. An unfavorable outcome could have a material adverse effect on our business, financial condition and results of operations. Regardless of the outcome of the Foxconn Litigation, it is likely to result in substantial expenses and may require us to devote substantial resources, including management’s time, to it. No assurances can be provided as to the Company having sufficient resources to pursue the Foxconn Litigation, the outcome or recoveries, if any.
Our Board of Directors may change our business plan and strategy without stockholder approval, which could alter the nature of your investment.
Our Board of Directors is developing and reviewing its business plan and strategy for the Company and determining what is in the best interest of our stockholders. This business plan and strategy may change over time. The methods of implementing our business plan and strategy may vary, as trends emerge and opportunities develop. Our business plan and strategy, the methods for its implementation, and our other objectives, may be altered by our board of directors without the approval of our stockholders. As a result, the nature of your investment could change without your consent.
Our business depends on the continuing efforts of our management and third parties. If it loses their services, our business may be severely disrupted.
We do not have any full-time employees. Our business operations depend on the efforts of consultants and professional service providers to execute our business plan, operations and internal controls, including all of our financial reporting and claims reconciliation. If our Chief Executive Officer or key consultants become unable or unwilling to continue providing their services to us, we might not be able to replace them in a timely manner, or at all. We may incur additional expenses to recruit and retain qualified replacements. As a result, our business may be severely disrupted and our financial condition and results of operations may be materially and adversely affected.
How this is written clearly covers every base and just like NU Ride isn't quitting, neither am I.
It reminds me of the Procter and Gamble merger when most had thought Gambles Stores was finished but was hardly the case. I would encourage those that came this far to read the 10Q over and over until you understand what is really going on here. If Land X had a ticker symbol, it would already be in my portfolio. Ask yourself, why doesn't Land X have a ticker symbol yet? Why hasn't NU Ride Inc. completed it's registration?
I believe this is written carefully and constructively. With nearly 20 million in cash, that's rated in the top 5% of all start ups free and clear cash and NU Ride Inc. already spent 10 million in costs on a prototype. Van? Sudan?
They are spelling it out what they're doing or going to do, then calling it a going concern, because they are doing it through a third party.
NU Ride Inc. is much alive and well and the 10Q proves it and also proves the lawsuit against Foxconn for fraud and damages is ongoing. Just like Procter and Gamble. We ain't seen nothing yet and there is a door number 3 with third party recorded costs.
New BOD's who are all Fund Managers from various institutions really couldn't be a better set up with 20 million in the bank.
There is nothing to worry about here. It's as cut and dried as it gets. Take it or leave it or even swing trade it. I just wouldn't bet against it. Everything is possible especially with a multi billion dollar lawsuit going forward with expected results by me.
