Nxu Engages in Strategic Partnership and Investment in Lynx Motors
13 Dezember 2023 - 10:05PM
Nxu, Inc., (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic
technology company creating innovative EV charging and energy
storage solutions for the infrastructure we need to power our
electrified future, has signed a letter of intent (LOI) outlining a
strategic investment in Lynx Motors. As a strategic partner, Nxu
intends to assist Lynx in leveraging Nxu’s vehicle and charging
technology to more quickly scale its development of electrified
products. Lynx is reimagining classic vehicles with a vision toward
modernization and electrification, allowing owners to enjoy the
original character and design of a classic car with modern
amenities and powertrains.
In addition to the strategic value, this transaction is a step
toward the execution of Nxu’s Nasdaq compliance plan, which will
increase Nxu’s shareholder equity and help to ensure that Nxu
achieves and maintains Nasdaq’s listing standards. Additionally,
Lynx Motors is working to electrify some of the most popular cars
of all time and boasts a robust reservation list and projects to
rapidly scale to gain significant revenue and prompt profitability.
Lynx has already been successful converting premium-branded SUVs
into vehicles with today’s conveniences and high-powered engine
performance and is now turning this success to electrification.
“With our common interest and goals aligned toward
electrification, we envision tremendous potential in this strategic
partnership and collaboration,” said Nxu Founder, Chairman and CEO
Mark Hanchett. “We envision this Lynx partnerships as an additional
avenue to build shareholder value. Lynx has built a dedicated
following that wants to see more cars become compatible with modern
technology. Leveraging that strong foundation, and using it as a
springboard to rapidly scale, we see nothing but exciting
possibilities ahead. The future is EVs, and united, we have the
opportunity to give consumers an exciting ride and a reliable
charging experience – zero compromises.”
Lynx CEO Rod Keller brings extensive industry and public company
experience to the collaboration, with more than 25 years spanning
several companies, including Linksys, Siemens, DIRECTV, Segway,
AYRO, Cenntro Automotive Corporation and Teemak Power Corporation.
Keller’s focus on an impeccable customer experience at Lynx aligns
with Nxu’s standards for the future of EV charging.
“Our customers are customers we want to keep for life, and to do
that, we need to provide them with unparalleled products and
services,” said Keller. “We’re better prepared to do that when we
look to the future of automotive and the technology and ecosystems
we’ll need to be a part of to continue to deliver that white glove
treatment. At Lynx, we’re excited to collaborate with Nxu, who
share our vision for electrification, while being laser-focused on
the customer experience.”
Nxu’s investment is structured as a share exchange, whereby $3
million in Nxu shares will be exchanged for $3 million in Lynx
shares.
The value of Lynx shares would become an asset on the Company’s
balance sheet, and as part of the transaction Nxu will receive a
seat on Lynx’s Board of Directors. Additionally, to expedite the
electrification process, Lynx will issue an interest free
promissory note of $250,000 to Nxu in exchange for a $250,000
bridge loan.
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.
About Lynx Motors
Lynx Motors is an automotive company dedicated to the
rejuvenation of timeless classics by blending tradition and
innovation, with OEM-level quality standards. By redefining the
driving experience for enthusiasts who seek the perfect fusion of
classic design and cutting-edge technology, Lynx offers the best of
both worlds. For more information, visit www.lynx.car.
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
NXU (NASDAQ:NXU)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
NXU (NASDAQ:NXU)
Historical Stock Chart
Von Jun 2023 bis Jun 2024