Core Viewpoint - Nxu, Inc. announced a planned reverse stock split of its Class A common stock at a ratio of 1-for-20, effective March 31, 2025, to enhance marketability and comply with NASDAQ listing requirements [1][3]. Group 1: Reverse Stock Split Details - The reverse stock split was approved by stockholders on February 11, 2025, allowing a split ratio between 1-for-5 and 1-for-20, ultimately set at 1-for-20 [2]. - The new CUSIP number for the Class A common stock will be 62956D303, with a par value per share remaining at $0.0001 [2]. - Proportionate adjustments will be made to the exercise prices and number of shares under all outstanding options, warrants, and equity awards [2]. Group 2: Company Strategy and Expectations - The reverse stock split aims to facilitate the proposed merger with Verde Bioresins and maintain NASDAQ compliance [3]. - The company anticipates that the reverse stock split will lead to an increase in the market price of its Class A common stock, thereby improving share marketability [3]. - The reverse stock split will not change the number of authorized shares and will uniformly affect all stockholders, with fractional shares rounded up to the nearest whole share [3]. Group 3: Company Overview - Nxu, Inc. is a technology company focused on energy storage and charging solutions, supporting e-Mobility initiatives [5].
Nxu, Inc. Announces 1-for-20 Reverse Stock Split