Nxu Executes Strategic Partnership and Investment in Lynx Motors
27 Dezember 2023 - 6:26PM
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 executed definitive documents to finalize
its strategic investment in Lynx Motors. This transaction both
memorializes Nxu’s commitment to utilizing strategic partnerships
to accelerate its mission to develop superior highway
electrification and demonstrates continued execution of Nxu’s
Nasdaq compliance plan. The financial impact of the transaction
results in an increase in Nxu’s shareholder equity and helps to
ensure that Nxu can achieve and maintain Nasdaq’s continued listing
standards by and beyond Nasdaq’s extension deadline of April 7,
2024.
“We’re excited to make this Lynx partnership official, teaming
up with a company that shares our vision for an electrified
future,” said Nxu Founder, Chairman and CEO Mark Hanchett.
“Leveraging symbiotic industry knowledge and similarly ambitious
goals, we look forward to joining forces with Lynx to supercharge
our collective impact on the future of EVs and charging
infrastructure. As a byproduct of the transaction, we’re able to
continue executing on the compliance plan we presented to Nasdaq
and further validate its decision to grant us an additional
compliance period.”
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 become an asset on the Company’s
balance sheet. Additionally, Nxu now holds one seat on Lynx’s Board
of Directors, allowing the Company a hands-on opportunity to help
develop Lynx and monitor the status of its investment. To expedite
the electrification process, Lynx has issued an interest-free
promissory note of $250,000 to Nxu in exchange for a $250,000
bridge loan. The Agreement is subject to registration rights and
representations and warranties that survive the closing.
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
Contactpress@nxuenergy.com
Investor
Contact Investors@nxuenergy.com
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