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Nxu, Inc. (NXU) drives innovation in electric vehicle charging systems and sustainable energy solutions. This dedicated news hub provides investors and industry professionals with essential updates on corporate developments, technological breakthroughs, and strategic initiatives.
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Nxu Inc (NASDAQ: NXU) is advancing towards finalizing its merger with Verde Bioresins, following a significant shareholder approval where approximately 99% of votes supported the stock issuance and change of control on February 11, 2025. The merger completion now awaits Nasdaq approval among other conditions.
The company has recently completed a reverse stock split, which CEO Mark Hanchett identified as a important step for positioning the combined entity for success. Verde's President Brian Gordon highlighted their recent partnership with Happy Campers, a gluten-free organic baked goods company, as evidence of continued customer adoption. The merger aims to provide Verde access to public markets to potentially accelerate their scaling capabilities.
Nxu Inc (NASDAQ: NXU) announced a 1-for-20 reverse stock split effective March 31, 2025. The split is part of the company's strategy to maintain NASDAQ compliance and facilitate its proposed merger with Verde Bioresins.
Following the split, every 20 shares of Class A common stock will combine into one share, with trading under symbol 'NXU' continuing on the Nasdaq Capital Market. The new CUSIP number will be 62956D303, maintaining a $0.0001 par value per share. Proportionate adjustments will apply to outstanding options, warrants, and equity awards.
Stockholders approved this action at a special meeting on February 11, 2025. No fractional shares will be issued, with any fractional results rounded up to the nearest whole share. The total number of authorized shares remains unchanged, and stockholders with book-entry or brokerage accounts need not take action.
Nxu Inc (NASDAQ: NXU) shareholders have approved a merger with Verde Bioresins, a leader in sustainable bioplastics production. The merger combines Nxu's energy storage and charging solutions with Verde's innovative PolyEarthylene™ bioresin technology, which aims to replace traditional petroleum-based plastics.
The transaction values Verde at approximately $306.9 million and Nxu at $16.2 million. Post-merger ownership will be split with Verde stockholders owning approximately 95% and Nxu stockholders holding 5% of the combined company. The merger is expected to complete in March 2025, subject to Nasdaq listing approval. The combined company's board will consist of six members, with Verde appointing five directors and Nxu appointing one. Verde's management team will lead the combined entity.
Nxu Inc (NASDAQ: NXU) has filed an S-4 registration statement with the SEC for its proposed merger with Verde Bioresins. The all-stock transaction will result in pre-Merger Verde stockholders owning approximately 95% of the combined company, while pre-Merger Nxu stockholders will own about 5%. The combined company will be renamed Verde Bioresins Corp and trade under the ticker 'VRDE'. Verde has been valued at approximately $306.9 million, while Nxu's enterprise value is set at approximately $16.2 million. The merger is expected to close in Q1 2025, subject to stockholder approvals and other conditions.
Nxu (NASDAQ: NXU) and Verde Bioresins have announced a merger agreement in an all-stock transaction. The combined company will be renamed Verde Bioresins, Corp. and trade under the ticker VRDE. Verde's shareholders will own approximately 95% of the combined company, while Nxu shareholders will retain 5%. The deal values Verde at approximately $306.9 million and Nxu at $16.2 million. Verde's PolyEarthylene™ technology aims to replace traditional petroleum-based plastics, targeting nearly half of the $600 billion global plastics market. The transaction is expected to close in Q1 2025, subject to shareholder approval.
Nxu has secured a patent for a new methodology capturing and displaying vehicle views, enhancing its intellectual property (IP) portfolio. The company now holds five issued patents and thirty-seven pending applications across battery, charging, and vehicle technologies. Nxu founder and CEO Mark Hanchett emphasized the value and innovation of their IP, noting the rigorous patent approval process as a testament to the novelty of their technology.
Nxu Inc., a technology company focused on energy storage and charging solutions, announced plans to evaluate strategic alternatives to enhance long-term value creation. The company is reducing costs through headcount reductions and cost-saving measures to lower operating expenses.
Nxu, Inc. (NASDAQ: NXU) has announced the expansion of its EV charging subscription service with the introduction of a $150 per month plan for the NxuOne™ EV Charging System. This subscription offers unlimited charging at a powerful public station in Phoenix, ensuring optimal performance for all EV makes and models. The company aims to provide affordable and convenient solutions in response to increasing consumer demands and inflation pressures. Nxu Founder, Chairman, and CEO Mark Hanchett highlights the importance of this subscription model in enhancing the NxuOne™ charging ecosystem and meeting the evolving needs of EV drivers.
