Nu Ride Announces Leadership Transition

Nu Ride Inc. ("Nu Ride"), formerly known as Lordstown Motors Corp., announced a significant leadership transition on September 26, 2025. The company’s Board of Directors appointed Board member Alexander Matina as the new Chief Executive Officer (CEO), effective immediately. Matina takes over the role from William Gallagher, who has been CEO since the company's emergence from Chapter 11 bankruptcy proceedings in March 2024. This change aligns with the engagement letter Nu Ride has with M3 Partners, who have provided executive management and support services during Gallagher's tenure.

Alexander Matina is expected to bring a wealth of experience to the CEO role, having extensive leadership experience in public companies and a background in strategic transactions. As the Managing Member of LANECR Consulting LLC, Matina has held various executive positions, including Portfolio Manager at MFP Investors LLC. His previous Board experience with multiple public and private companies is seen as beneficial for Nu Ride’s future direction.

Andrew L. Sole, Chairman of the Board, expressed enthusiasm about Matina's appointment and highlighted the progress Nu Ride has made since emerging from bankruptcy. The Board believes this leadership transition is timely and positions the company for further advancements. Sole also extended gratitude to Gallagher for his contributions during a challenging period, acknowledging the role he and M3 Partners have played in guiding the company back to stability.

Nu Ride, which trades on the OTC market under the ticker NRDE, is focused on moving forward as it looks to redefine its business strategy under new leadership. Further information can be found on Nu Ride's official website and in SEC filings.

The recent announcement of Alexander Matina being appointed as the new CEO of Nu Ride Inc. (OTCMKTS: NRDE) marks a pivotal moment for the company, especially following its emergence from Chapter 11 proceedings in March 2024. The transition in leadership is often critical for reinventing a company’s strategic direction and instilling renewed confidence in investors.

Matina's extensive experience in public company governance and strategic transactions positions him as a promising leader to navigate Nu Ride's next phase. His previous roles, including his tenure as a Portfolio Manager at MFP Investors LLC, suggest he possesses a solid grasp of market dynamics, which could be pivotal in re-establishing the company's foothold in the competitive electric vehicle (EV) sector.

Investors should consider that leadership transitions often lead to initial volatility in stock price as markets react to the new strategic vision. However, Matina's track record may instill confidence over time, potentially stabilizing and even enhancing shareholder value. The Board's confidence in Matina suggests an aligned vision for growth, which could foster a positive sentiment moving forward.

Moreover, given the competitive landscape of the EV market, it will be crucial for Nu Ride under Matina’s leadership to articulate a clear roadmap that includes product innovation, strategic partnerships, and enhanced operational efficiency. Investors should monitor updates on new strategic initiatives and financial performance post-transition since these will significantly influence market perception.

In conclusion, while short-term volatility is expected, Matina's appointment could signal a potential upswing for Nu Ride. Investors would do well to remain vigilant, assess the evolving landscape, and gauge the company's strategic responses as it seeks to navigate post-bankruptcy recovery and seize growth opportunities in the burgeoning EV market.