Atlis Motor Vehicles Shareholders Approve Reorganization to Holding Company, Nxu, Inc., and Omnibus Incentive Plan

MESA, Ariz., May 11, 2023 (GLOBE NEWSWIRE) -- Atlis Motor Vehicles, Inc. (NASDAQ: AMV), a US-owned technology company manufacturing innovative battery cells and battery packs for use in advanced energy storage systems, megawatt charging stations, and mobility products, today announced shareholder approval of the company reorganization to a holding company structure with Nxu, Inc. (pronounced: “new”) as the surviving publicly traded entity (the “Holding Company Proposal”). A proposed Omnibus Incentive plan was also approved by the shareholders (the “Plan Proposal”). 

At a special meeting for shareholders held on May 9, 2023, 99.86% of voting shares were in favor of the Holding Company Proposal to restructure the company, resulting in Atlis Motor Vehicles becoming a subsidiary of a new Delaware corporation named “Nxu, Inc.” Shareholders voted 99.77% of voting shares in approval of the Plan Proposal, which promotes ownership in Nxu, Inc. by its employees, directors, and consultants by allowing them to receive compensation in the form of awards based on the value of Nxu common stock. The Plan Proposal was previously approved and recommended by Nxu’s Board of Directors. 

“​We’re thrilled to have the support of our shareholders throughout this evolution of our company,” says Nxu CEO and Founder Mark Hanchett. “This restructuring demonstrates our commitment to generate maximum value for customers and shareholders. By offering the stock compensation plan, we intend to attract top talent – those with innovative mind who will help us deliver against our milestones and develop technology that makes electrification viable for mobility and infrastructure.”

The special shareholder meeting comes just three weeks after the company announced its rebranding to Nxu, a move that more closely aligns with the company’s focus on developing technology to make electrification viable for mobility and infrastructure. The new ticker symbol "NXU" will become effective upon the closing of the Nasdaq market on May 12, 2023. Outstanding stock certificates will not be affected by the name change and will not need to be exchanged. All stock trading, filings and market-related information will be reported under the new corporate name and ticker symbol. For more information, visit the Nxu Investor’s FAQ page: https://nxuenergy.com/investors/faq. 

About Nxu, Inc.

Nxu, Inc. is a vertically integrated technology company leveraging its intellectual properties and U.S.-manufactured battery innovations to support e-Mobility and energy storage solutions.

The Nxu Ecosystem will consist of industry leading Battery Cell and Pack technologies, Grid Level Energy Storage Solutions, Charging Infrastructure, Platform and Medium-Duty Electric Mobility Solutions, and Over-Air Cloud Management – all wrapped in Nxu’s seamless subscription-based models. For more information, visit www.nxuenergy.com.

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CONTACT:
Mary Trout
Nxu, Inc.
info@nxuenergy.com