NEW YORK – The shell company that emerged from the wreckage of the former Lordstown Motors Corp. has pivoted from electric vehicles to insurance and wealth management, according to a press release.
Nu Ride Inc. announced Wednesday that it has entered into a membership interest purchase agreement to acquire, through its newly formed subsidiary Affinity Advisory Holding Corp, the outstanding membership interests of Affinity Advisory Network LLC and AAN Wealth Advisors LLC.
Founded in 2013 and headquartered in Ohio, Affinity operates an integrated platform combining insurance distribution and registered investment advisory services. Affinity supports a nationwide network of agents and advisers serving clients across more than 700 cities throughout the United States. Affinity has developed proprietary adviser training systems, lead generation infrastructure and client relationship management tools designed to support scalable growth and recurring client engagement.
Affinity generated over $3.5 million in revenue for the 12 months ended March 31, 2026, and the company believes there will be multiple organic and inorganic growth opportunities over time.
“We believe Affinity represents a highly attractive strategic acquisition for Nu Ride,” Alexander Matina, Nu Ride CEO, said in a statement. “The business has built a differentiated and scalable platform combining insurance distribution and wealth advisory capabilities with recurring agent and client relationships, strong operating margins and a highly scalable adviser network.”
Matina continued: “Affinity’s integrated platform, proprietary adviser training systems and national distribution footprint create a compelling foundation for continued growth. We believe the transaction provides Nu Ride with exposure to attractive long-term secular trends in retirement planning, wealth preservation and independent financial advisory services.”
Robert Hall, founder and president of Affinity, added in a statement: “We are excited to partner with Nu Ride and believe this transaction positions Affinity for its next phase of growth. Nu Ride provides strategic capital and long-term support and vision that we believe will help accelerate expansion of our adviser network, client relationships and integrated planning platform while maintaining the high-touch client service model that has defined our business.”
Under the terms of the transaction, Nu Ride will acquire Affinity for approximately $9.6 million, consisting of $6.72 million in cash, 80,000 shares of Nu Ride Class A common stock and future earnout payments of up to $1.3 million. Hall will also retain a 15% ownership interest, through Affinity Advisory Holding Corp., and will continue to lead Affinity following the closing. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.
Nu Ride’s Formation
Nu Ride was formed as a shell company after electric vehicle manufacturer Lordstown Motors emerged from bankruptcy in March 2024.
Lordstown Motors was formed in 2019 and had ambitions to manufacture the first electric full-size pickup truck for the fleet market, the Endurance. The company acquired the shuttered General Motors Lordstown plant later that year and was then taken public as part of a special purpose acquisition company, or SPAC.
However, a scathing short-seller report released in March 2021 alleged company officials made misleading statements regarding the health of the company, resulting in the resignations of top executives, including CEO Steve Burns.
Lordstown Motors then entered into an agreement with Foxconn, which agreed to purchase the Lordstown plant and act as a contract manufacturer for the Endurance. However, that relationship dissolved, and Lordstown Motors in 2023 filed Chapter 11 bankruptcy and simultaneously filed a lawsuit against Foxconn alleging breach of contract.
That litigation – now the responsibility of Nu Ride’s – is still pending as part of an adversary proceeding in the U.S. Bankruptcy Court of Delaware.
Lordstown Motors sold its assets through bankruptcy court to Burns for approximately $10 million. Burns formed a new company, LandX, in 2023. Lordstown Motors then exited bankruptcy in March 2024, reconstituted as Nu Ride Inc.