Nxu Receives SEC Effectiveness on Form S-3 Shelf Registration Statement for $75M in Primary Capital
10 November 2023 - 12:30PM
Nxu Inc., (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic
technology company developing and manufacturing innovative EV
charging and energy storage solutions for the infrastructure we
need to power our electrified future, announced that it has filed a
"universal shelf" registration statement on Form S-3 with the
Securities and Exchange Commission (the "SEC") and it was declared
effective by the SEC on October 30, 2023. The S-3 shelf allows Nxu
to raise up to $75 million in primary capital in one or more
offerings over the subsequent three years. If Nxu decides to raise
capital in a future offering using the shelf registration
statement, Nxu will describe the specific details of that future
offering in a prospectus supplement that is filed with the SEC.
Nxu believes the greater flexibility of a shelf registration on
Form S-3 will provide the Company with significant benefits when
raising capital in the future.
“An effective S-3 shelf gives us greater flexibility in timing
and execution of future securities offerings,” said Nxu Chief
Financial Officer Apoorv Dwivedi. “Not only will we see benefits of
an expedited offering process, cost efficiencies, and reduced
market risk, we also have the ability to avoid heavily dilutive and
potentially toxic funding structures. Embracing the opportunity to
revolutionize EV charging and transform our energy landscape is a
primary objective for our ambitious company. The S-3 shelf offers a
strategic approach to the financial markets that provides funding
at lower costs to achieve our goals.”
About Nxu, Inc. Nxu, Inc.
is a domestic technology company leveraging its intellectual
property and innovations to support e-Mobility and energy
storage solutions. Driving the energy future, Nxu is
developing an ecosystem of industry-leading grid level energy
storage solutions, charging infrastructure and over-air cloud
management – encompassed by Nxu’s seamless subscription-based
models. For more information, visit www.nxuenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding our
future areas of focus and expectations for our business. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievements
to materially differ from those expressed or implied by these
forward-looking statements. Such forward-looking statements include
statements regarding, among other things, Nxu’s expectations about
its long term growth strategy, future growth trajectory, revenue
and operations; Nxu’s technology and alignment with broader trends
in the EV market; opportunities presented by electrification;
beliefs about the general strength, weakness or health of Nxu’s
business; and beliefs about current or future trends in EV battery
materials or other markets and the impact of these trends on Nxu’s
business. A detailed discussion of these factors and other risks
that affect our business is included in filings we make with the
Securities and Exchange Commission (SEC) from time to time,
including our most recent report on Form 10-K, particularly under
the heading “Risk Factors.” Copies of these filings are available
online from the SEC or on the SEC Filings section of our Investor
Relations website at www.nxuenergy.com. All forward-looking
statements in this press release are based on information currently
available to us, and we assume no obligation to update these
forward-looking statements in light of new information or future
events.
CONTACT:
Media Contactinfo@nxuenergy.com
Investor
Contact Investors@nxuenergy.com
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