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 maintain NASDAQ compliance [1][3]. Group 1: Reverse Stock Split Details - The reverse stock split was approved by stockholders on February 11, 2025, with the final ratio set at 1-for-20 [2]. - The new CUSIP number for the Class A common stock will be 62956D303, and the par value per share remains at $0.0001 [2]. - Proportionate adjustments will be made to the exercise prices and/or the number of shares under all outstanding options, warrants, and equity awards [2]. Group 2: Company Strategy and Impact - The reverse stock split aims to facilitate the proposed merger with Verde Bioresins and improve the market price of the Class A common stock [3]. - The split will combine every 20 shares into one, affecting all stockholders uniformly, with no fractional shares issued [3]. - The number of authorized shares of Class A common stock will remain unchanged [3]. Group 3: Procedural Information - Equiniti Trust Company, LLC is acting as the exchange agent for the reverse stock split [4]. - Stockholders in book-entry form or brokerage accounts do not need to take any action regarding the split [4].
Nxu, Inc. Announces 1-for-20 Reverse Stock Split