The US Bankruptcy Court approved the revised third modified first amended plan of reorganization of Lordstown Motors Corp. on March 6, 2024. The debtor has filed its third modified first amended plan in the Court on March 5, 2024.

As per the amended plan, administrative claims, professional fee claims, priority tax claims and other priority claims of $0.02 million shall be paid in full in cash. Secured claims shall retain its lien on its collateral until such holder receives the cash. General unsecured trade claims of $23.48 million ?

$33.48 million shall receive its pro rata share of the GUTC cash pool amount. Other unsecured claims in exchange for full and final satisfaction, settlement, each holder of such claim shall be paid the allowed amount of such claim in cash. Foxconn preferred stock interests shall receive distribution in cash.

Intercompany interests shall be reinstated. Common stock interests shall receive distributions in cash from the non-trade pool assets. Section 510(b) Claims shall receive shares of Common Stock Interests.

RIDE Section 510(b) Claims, if any, may recover solely from available insurance coverage from applicable Insurance Policies until such Insurance Policies have been completely exhausted. Ohio Securities Litigation Claim, if any, shall be paid in cash. The plan shall be funded from sale of assets and available cash from trust assets.