Shareholder-Approved Merger with Verde Bioresins, Inc. Progressing Towards Close

Rhea-AI Summary

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.

Positive

• 99% shareholder approval for the merger indicates strong investor support
• Recent partnership with Happy Campers demonstrates Verde's continued business growth
• Completed reverse stock split positions the combined company for Nasdaq compliance

Negative

• Merger completion still pending Nasdaq approval and other conditions
• Reverse stock split indicates potential share price/market cap issues

Nxu continues to work towards imminent completion of merger with Verde Bioresins, Inc.

MESA, Ariz., April 08, 2025 (GLOBE NEWSWIRE) -- Nxu, Inc., (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic technology company focused on energy storage and charging solutions for the infrastructure we need to power our electrified future, today announced it is progressing towards closing its merger with Verde Bioresins, Inc. (“Verde”). On February 11, 2025, approximately 99% of the votes cast by Nxu’s shareholders approved the issuance of shares of Nxu common stock in connection with and change of control resulting from the contemplated merger, and both Nxu and Verde have been through remaining closing items. Completion of the merger is subject to satisfaction of conditions, including Nasdaq approval.

“We have been working through the necessary technicalities closely with both Verde and Nasdaq’s listing department, and we intend to close very soon,” said Mark Hanchett, Chairman and CEO at Nxu. “Completing the recent reverse stock split was a key open item required to position the combined company for success upon close.”

Verde’s President Brian Gordon added, “We are in the final innings of this transaction and eager to complete the merger. We continue to experience customer adoption, evident in our recently announced partnership with Happy Campers, a leader in gluten-free organic baked goods. The completion of the merger will provide us with access to the public markets, which will potentially allow us to scale our company at a pace not previously available to us.”

About Nxu, Inc.

Nxu, Inc. is a domestic technology company leveraging its intellectual property and innovations to support e-Mobility and energy storage solutions. For more information, visit www.nxuenergy.com.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can typically be identified by such words as “aim”, “anticipate,” “believe,” “continue,” “could,” “estimate,” “evolve,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “opinion,” “plan,” “possible,” “potential,” “project,” “should,” “will,” and variations of such words and other similar expressions.

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities, or future events or conditions, including those related to future compliance with the Nasdaq’s listing requirements, the ability to satisfy the conditions to closing the contemplated merger with Verde, and the consummation such contemplated merger with Verde, which can be identified by terminology such as "may," "will," "expects," "anticipates," "aims," "potential," "future," "intends," "plans," "believes," "estimates," "continue," "likely to" and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are not historical facts and are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, many of which are beyond the Company's control, including, among other things, the risks related to the Company's ability to regain and maintain compliance with Nasdaq listing standards, the Company's ability to obtain any compliance period, the Company's ability to take actions that may be required for its continued listing on Nasdaq, and other risks that may be included in the periodic reports and other filings that the Company files from time to time with the SEC. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements. All forward-looking statements are qualified by, and should be considered in conjunction with, these cautionary statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which such statements are made. Except as required by applicable law, neither Nxu nor Verde undertakes any obligation to update forward-looking statements to reflect events or circumstances arising after such date.

CONTACT:
Nxu, Inc.
info@nxuenergy.com

FAQ

What percentage of Nxu shareholders approved the Verde Bioresins merger in February 2025?

Approximately 99% of votes cast by Nxu shareholders approved the merger-related share issuance and change of control.

What are the remaining conditions for the NXU-Verde Bioresins merger completion?

The merger completion is subject to Nasdaq approval and satisfaction of other closing conditions.

Which recent partnership did Verde Bioresins announce before the NXU merger completion?

Verde Bioresins announced a partnership with Happy Campers, a leader in gluten-free organic baked goods.

What key corporate action did NXU complete to position for the Verde merger?

Nxu completed a reverse stock split, which was identified as a key requirement for the combined company's success.