Nxu, Inc. Faces Delisting Concerns

TL;DR

Nxu's on the chopping block - might get delisted.

AI Summary

Nxu, Inc. filed an 8-K on April 5, 2024, reporting a notice of delisting or failure to meet continued listing standards. The company, formerly known as Atlis Motor Vehicles Inc., is incorporated in Delaware and based in Mesa, Arizona. The filing also includes information on other events and financial statements.

Why It Matters

This filing indicates potential issues with Nxu, Inc.'s ability to remain listed on its exchange, which could significantly impact its stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards is a severe warning sign for a company's financial health and operational viability.

Key Players & Entities

• Nxu, Inc. (company) — Registrant
• Atlis Motor Vehicles Inc. (company) — Former company name
• April 2, 2024 (date) — Earliest event reported date
• April 5, 2024 (date) — Filing date
• Mesa, AZ (location) — Principal executive offices location

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share NXU NASDAQ Indicate by ch
• $1.00 m — e Company is not in compliance with the $1.00 minimum bid price requirement set forth i
• $1.00 — mpany's common stock closes at or above $1.00 per share for a minimum of ten consecut
• $90,000 — ngale will be awarded a cash stipend of $90,000 each and Independent Director Billingsl
• $40,000 — gsley will be awarded a cash stipend of $40,000 for their increased service to the Boar

Filing Documents

• x442408k.htm (8-K) — 31KB
• ex10_1.htm (EX-10.1) — 14KB
• ex10_2.htm (EX-10.2) — 14KB
• ex10_3.htm (EX-10.3) — 14KB
• 0001214659-24-006244.txt ( ) — 254KB
• none-20240402.xsd (EX-101.SCH) — 3KB
• none-20240402_lab.xml (EX-101.LAB) — 33KB
• none-20240402_pre.xml (EX-101.PRE) — 22KB
• x442408k_htm.xml (XML) — 4KB

01. Notice

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Standard Transfer of Listing. On April 2, 2024, Nxu Inc. (the "Company") received a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") stating that the Company is not in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market (the "Bid Price Requirement"). The Notice has no immediate effect on the listing of the Company's Class A common stock on Nasdaq and, in accordance with Nasdaq Listing Rules, the Company will have 180 calendar days, or until September 30, 2024, to regain compliance with the Bid Price Requirement. If at any time prior to September 30, 2024, the bid price of the Company's common stock closes at or above $1.00 per share for a minimum of ten consecutive business days, the Nasdaq staff (the "Staff") may provide the Company with written confirmation of compliance and the matter will be closed. Alternatively, if the Company fails to regain compliance with the Bid Price Requirement prior to September 30, 2024, the Company may be eligible for an additional 180 calendar day compliance period, provided (i) it meets the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market (except for the Bid Price Requirement), and (ii) it provides written notice to Nasdaq of its intention to cure this deficiency during the second compliance period by effecting a reverse stock split, if necessary. In the event the Company does not regain compliance with the Bid Price Requirement prior to the expiration of the initial period, and if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is not otherwise eligible, the Staff will provide the Company with written notification that its securities are subject to delisting from The Nasdaq Capital Ma

01. Other Information

Item 8.01. Other Information On April 5, 2024, the Company's board of directors (the "Board"), upon the recommendation of the Compensation Committee of the Board (the " Compensation Committee "), approved letter agreements (each, a "Letter Agreement") to be entered into with each independent director ("Independent Director") of the Company to provide an increase in the cash stipend paid to each Independent Director in accordance with their original agreements (the "BOD Agreement") to reflect their significant time and effort commitments in excess of the time originally contemplated by the BOD Agreements. Pursuant to the applicable Letter Agreement, Independent Directors Ide and Nightengale will be awarded a cash stipend of $90,000 each and Independent Director Billingsley will be awarded a cash stipend of $40,000 for their increased service to the Board. The foregoing is a summary description of the terms of the Letter Agreements. Reference is made to the complete text of the Letter Agreements, which are filed as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3 to this current report on Form 8-K and is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Letter Agreement dated April 5, 2024 by and between the Company and Britt Ide. 10.2 Letter Agreement dated April 5, 2024 by and between the Company and Caryn Nightengale. 10.3 Letter Agreement dated April 5, 2024 by and between the Company and Jessica Billingsley. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Nxu, Inc. By: /s/ Mark Hanchett Name: Mark Hanchett Title: Chief Executive Officer Dated: April 5, 2024

View Full Filing

View this 8-K filing on SEC EDGAR