Nxu, Inc. Completes Private Investment in Public Equity Financing

On December 26, 2024, Nxu, Inc. (NASDAQ: NXU) entered into a Securities Purchase Agreement with investors for a private placement deal. The Company agreed to sell an aggregate of 6,800,000 shares of its Class A Common Stock, along with pre-funded warrants, Series A warrants, and Series B warrants collectively referred to as the “Securities.” The total offering price for the Securities sold in the private placement stood at approximately $3,000,000.

The purchase agreement included details on the prices, exercise terms, and adjustments related to the warrants. For instance, the Series A warrants are exercisable at an initial price of $0.50, potentially subject to adjustments. The agreement outlined certain restrictions on exercising warrants that would exceed ownership limitations of the Company’s outstanding Common Stock.

Additionally, the company entered into a Registration Rights Agreement to register the resale of the Purchased Shares and shares of Common Stock issuable upon warrant exercise. The agreement established deadlines for filing and effectiveness of the Resale Registration Statement.

Further, lock-up agreements were signed by executive officers and directors to restrict the sale of Common Stock for a specific period after certain conditions are met, ensuring compliance with investor agreements.

In connection with the transactions, the Company engaged Maxim Group LLC as the Placement Agent, agreeing to payment and expense reimbursement terms.

The filings also documented agreements on voting rights relating to the issuance of the warrants with specific individuals holding voting control over the Company’s stock.

Incorporated within the document was information on exemptions from registration and disclaimers, highlighting important risk factors and cautionary statements. The Company stressed the need for stockholders to review all relevant materials filed with the SEC.

The Company disclosed details of participants involved, including directors, executive officers, and management. The report underscored the requirement for compliance with SEC regulations and laws governing the offer, sale, and purchase of securities.

Following the transactions, the company affirmed its commitment to maintaining transparency and providing accurate information to investors and stakeholders. This commitment extended to disclosing future plans, prospects, and financial considerations as part of its ongoing operations and strategic initiatives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NXU’s 8K filing here.

NXU Company Profile

Nxu, Inc, formerly known as Atlis Motor Vehicles, is a US-owned technology company manufacturing innovative battery cells and battery packs, for use in advanced energy storage systems and megawatt charging stations.