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Stark Novus Financial Inc. (NRDE) reported a small, asset-light balance sheet for the quarter ended June 30, 2026, with $43.8 million in total assets, including $21.5 million of cash and cash equivalents and $11.6 million in loans receivable. Restricted short‑term investments tied to the bankruptcy Claims Reserve were $2.6 million after settling most creditor claims.
The quarter showed a net loss of $1.1 million and a net loss attributable to common shareholders of $1.8 million, driven in part by $0.8 million of accrued preferred dividends. Common stockholders’ equity declined to $0.4 million, while Series A preferred stock is carried as mezzanine equity at $39.9 million. Operating cash outflows were $3.5 million for the first half of 2026, and the company deployed $9.4 million into high‑yield billboard‑backed loans.
After quarter‑end, Stark Novus completed the acquisition of Affinity Advisory Network for $6.72 million in cash, 80,000 common shares, 15% of AAH equity, and an earnout of up to $1.31 million, adding an insurance and advisory platform. Management states it expects to have sufficient working capital for at least one year while it continues claims resolution, evaluates strategic alternatives, and pursues retained litigation and loan investments.
Stark Novus Financial Inc., formerly Nu Ride Inc., completed the acquisition of Affinity Advisory Network, LLC and AAN Wealth Advisors, LLC through its wholly owned subsidiary, Affinity Advisory Holdings Corp. The consideration includes a cash payment at closing of $6,720,000 (subject to customary adjustments), 80,000 shares of Class A common stock and Buyer common stock equal to 15% of the Buyer’s issued and outstanding shares immediately after closing. The sellers may also receive a contingent earnout of up to $1,312,000 plus interest, payable in up to three annual installments of approximately $437,333 each, if specified insurance-writing thresholds are met.
On July 21, 2026, the company changed its name from Nu Ride Inc. to Stark Novus Financial Inc. via a Certificate of Amendment, and updated its Third Amended and Restated Bylaws solely to reflect the name change. The Class A common stock is expected to begin trading on the OTC under the ticker symbol SNFI, with the CUSIP number remaining unchanged. Required financial statements and pro forma financial information for the acquired business will be provided in a later amendment within 71 days.
NU RIDE INC. director Paul W. Burkett filed an initial ownership report on Form 3. This filing establishes his status as a director of the company but does not list any specific share holdings or recent transactions. It is an administrative disclosure of insider status rather than a trading event.
Nu Ride Inc. reported changes to its board of directors. On June 30, 2026, the board elected Paul W. Burkett as a Class II director, effective July 1, 2026, and he will stand for election at the 2026 Annual Meeting of Stockholders.
Burkett was also appointed to the Audit Committee, Corporate Governance and Nominating Committee, and Transaction Committee, and the board determined he qualifies as an independent director under NASDAQ listing standards. He will receive compensation under the company’s standard non-employee director arrangements.
The company also disclosed that Michael J. Wartell resigned from the board effective June 30, 2026, and stated there were no disagreements with the company related to its operations, policies, or practices leading to his resignation.
Nu Ride Inc. has agreed to acquire 100% of the membership interests of Affinity Advisory Network, LLC and AAN Wealth Advisors, LLC through its subsidiary Affinity Advisory Holdings Corp. The deal values Affinity at approximately $9.6 million, including a $6.72 million cash payment at closing, 80,000 shares of Nu Ride Class A common stock and an earnout of up to $1.312 million tied to insurance-writing performance. The sellers will also receive common stock of the buyer equal to 15% of its shares immediately after closing, and Robert Hall will continue to lead Affinity as CEO under a new employment agreement.
The acquisition is expected to close in the third quarter of 2026, subject to customary conditions. Nu Ride highlights Affinity’s integrated insurance and wealth advisory platform, which generated over $3.5 million in revenue for the 12 months ended March 31, 2026, as a scalable, high-margin business. The 80,000 Nu Ride Acquisition Shares will be issued as restricted securities under a private offering exemption from registration.
Nu Ride Inc. (NRDE) filed Amendment No. 1 to its annual report for the year ended December 31, 2025 to add the previously omitted Part III information. The amendment details the post‑bankruptcy board and governance structure, executive and director compensation, major shareholders, related‑party arrangements, and auditor fees.
The company emerged from Chapter 11 on March 14, 2024 under the Nu Ride name, with a five‑member, staggered board dominated by experienced investors. As of March 26, 2026, 16,096,296 Class A shares were outstanding, with a non‑affiliate market value of about $20.2 million as of June 30, 2025.
New CEO Alexander Matina earns a $415,000 base salary plus RSU grants and a health stipend, while former CEO William Gallagher was compensated through advisory firm M3 Partners, which received about $0.9 million in 2025. Non‑employee directors receive cash retainers and RSU awards under the amended 2020 Equity Incentive Plan. Foxconn remains a significant holder, with beneficial ownership of Class A common stock and Series A preferred shares. BDO USA, P.C. billed $200,000 in audit fees in both 2025 and 2024. The amendment does not change previously reported financial statements.
NU RIDE INC. director Michael J. Wartell reported an open-market purchase of Class A common stock. On February 13, 2026, he bought 6,548 shares at a weighted average price of $1.59 per share, with trade prices ranging from $1.55 to $1.60.
After this transaction, Wartell directly owns 227,081 shares of NU RIDE INC. common stock, a figure that includes restricted stock units.
Nu Ride Inc. reported that it has become a lender in two billboard financing transactions in Florida. On January 23, 2026, the company entered into a Loan and Security Agreement with Foxpoint Florida II, LLC and other lenders, under which it loaned $5.5 million of total loan proceeds of $7.5 million to fund the acquisition of billboard leasehold assets, including structures and permits. The loan bears interest at 15% per annum, payable monthly in cash, is secured by a first-priority lien on substantially all of the borrower’s assets and a pledge of all equity interests in the borrower, and matures with full principal and accrued interest due on January 23, 2029.
Nu Ride will also receive equity interests in the borrower representing about 29.3% of aggregate equity interests issued to it (out of 40% issued to all lenders), with this equity stake potentially reduced to 30% if the loan is repaid in full on or before the second anniversary of closing and to 20% if repaid in full on or before the first anniversary. Separately, on December 30, 2025, Nu Ride entered into a Funding Agreement and Secured Promissory Note with Foxpoint Florida, LLC, providing a $2.125 million loan on substantially similar collateral and terms, including 40% of that borrower’s equity interests, also subject to potential reduction upon prepayment.