CORRECTION -- Nxu Inc. Announces $5 Million Public Offering
09 Agosto 2023 - 10:30AM
In a release issued under the same headline earlier today
by Nxu Inc. (NASDAQ: NXU), please note the 3rd paragraph
has been changed. The corrected release follows:
Nxu Inc., (NASDAQ: NXU) (“Nxu”, “the Company”),
a vertically integrated technology company creating energy storage
and charging solutions for the infrastructure we need to power our
electrified future, today announced the pricing of a public
offering of 16,666,667 units at a public offering price of $0.30
per unit. Each unit consists of one share of Class A common stock
(or a pre-funded warrant in lieu thereof) and one common warrant,
with each warrant exercisable for two shares of Class A common
stock at an exercise price of $0.30 per share. The common warrants
will be immediately exercisable and expire three years from the
date of issuance. The pre-funded warrants and accompanying common
warrants are identical to the units, except that each pre-funded
warrant is immediately exercisable for one share of Class A common
stock at an exercise price of $0.0001, the purchase price for a
pre-funded warrant and accompanying common warrants is $0.2999 and
the pre-funded warrants do not expire until exercised. Gross
proceeds from the offering, before deducting the placement agent's
fees and other offering expenses, are expected to be approximately
$5 million.
The closing of the offering is expected to occur
on or about August 11, 2023, subject to the satisfaction of
customary closing conditions. The Company intends to use the net
proceeds from the offering for working capital and general
corporate purposes.
In connection with the offering, the Company has
agreed to amend the terms of existing Series B warrants to purchase
1,905,750 shares of the Company’s Class A common stock held by
certain investors in the offering, issued to such investors on
February 21, 2023, to provide that the investors may exchange such
Series B warrants for the number of shares of Class A common stock
into which such Series B warrants had been exercisable. The
amendment will become effective immediately upon the closing of the
offering. No additional consideration will be received by the
Company, and the Series B warrants will be extinguished upon
exchange.
A.G.P./Alliance Global Partners is acting as
lead placement agent for the offering, and Maxim Group LLC is
acting as co-placement agent for the offering.
A registration statement on Form S-1 (File No.
333-272793) relating to the sale of these securities was declared
effective by the Securities and Exchange Commission (the "SEC") on
August 8, 2023. This offering is being made only by means of a
prospectus. A final prospectus relating to the offering will be
filed with the SEC and will be available on the SEC's website at
http://www.sec.gov. Electronic copies of the prospectus may be
obtained, when available, from A.G.P./Alliance Global Partners, 590
Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at
(212) 624-2060, or by email at prospectus@allianceg.com, or by
contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New
York, NY 10022, Attention: Syndicate Department, by telephone at
(212) 895-3745 or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Nxu, Inc.
Nxu, Inc. is a vertically integrated technology
company leveraging its intellectual property and U.S.-manufactured
battery innovations to support e-Mobility and energy storage
solutions. Driving the energy future, Nxu is developing an
ecosystem of industry leading battery cell and pack technologies,
grid level energy storage solutions, charging infrastructure,
platform and medium-duty electric mobility solutions, and over-air
cloud management – encompassed by Nxu’s seamless subscription-based
models. For more information, visit www.nxuenergy.com.
Forward-Looking Statements
Certain matters within this press release are
discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors
that may cause the actual results or performance to differ from
those projected in the forward-looking statements. These
forward-looking statements include, among others, statements
relating to: the current and future performance of the Company's
business; the Company's financing and capitalization strategies,
including the offering described herein; and the Company's
financial outlook and expectations. For a description of factors
that may cause the Company's actual results or performance to
differ from its forward-looking statements, please review the
information under the heading "Risk Factors" included in the
Company's Annual Report on Form 10-K, its Quarterly Report on Form
10-Q and the Company's other filings with the SEC, which are
accessible on the SEC's website at www.sec.gov. Undue reliance
should not be placed on the forward-looking statements in this
press release, which are based on information available to Nxu on
the date hereof. Nxu undertakes no duty to update this information
unless required by law.
CONTACT: Media ContactAmy
O’HaraNxu, Inc. info@nxuenergy.com
Investor ContactJulie KegleyFinancial Profiles,
Inc.Nxu@finprofiles.com
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