Company Overview - Nxu, Inc. is a domestic technology company focused on energy storage and charging solutions for an electrified future [9] - Verde Bioresins, Inc. is a leader in sustainable product innovation and bioplastics production, known for its proprietary bioresin PolyEarthylene™ [2][8] Merger Announcement - Nxu stockholders approved the merger with Verde on February 11, 2025, marking a significant step towards sustainable solutions in transportation [1][3] - Upon closing, Verde stockholders will own approximately 95% of the combined company, while Nxu stockholders will own about 5% [4] Market Potential - Verde's PolyEarthylene™ aims to replace traditional petroleum-based plastics, addressing nearly half of the $600 billion global plastics market [2] - The merger is expected to create long-term value and significant growth opportunities for both companies in 2025 [3] Merger Details - The transaction values Verde at approximately $306.9 million and Nxu at about $16.2 million [4] - The merger is anticipated to be completed in March 2025, subject to certain closing conditions [5] Management Structure - The board of directors for the combined company will consist of six members, with five appointed by Verde and one by Nxu [5] - Verde's management team will lead the operations of the combined entity [5] Advisors - Lake Street Capital Markets, LLC provided a fairness opinion to Nxu's Board, while Roth Capital Partners, LLC served as financial advisor to Verde [6]
Nxu Announces Shareholder Approval of Merger with Verde Bioresins