Nxu Repays Nearly $20 Million of Convertible Notes
06 Novembre 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, has extinguished all but
$100,000 of the $20 million in convertible notes (“Notes”) that
were previously issued in conjunction with a 2022 private placement
involving two investors (“Investors”). The deal was comprised of
two convertible notes of $10 million each which resulted in two
tranches of $9 million each in proceeds to Nxu. The first tranche
disbursed in Q4 2022 and the second in Q1 2023. Through the
conversions, Nxu has substantially paid off its convertible Notes
and cleared the corresponding liabilities from its balance sheet.
The Investors still hold warrants to purchase up to 1,711,306
shares of Class A common stock.
“The substantial repayment of the Notes greatly
strengthens our balance sheet,” said Nxu Chief Financial Officer
Apoorv Dwivedi. “Additionally, this provides the Company with
increased flexibility to execute on our strategy to develop and
grow our charging infrastructure business.”
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:
investors@nxuenergy.com
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