Nxu, Inc. Faces Potential Stock Exchange Delisting

TL;DR

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

AI Summary

Nxu, Inc. filed an 8-K on September 6, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company is facing potential delisting from the stock exchange due to not meeting certain requirements.

Why It Matters

This filing indicates Nxu, Inc. may be removed from its stock exchange, which could significantly impact its stock price and investor confidence.

Risk Assessment

Risk Level: high — Potential delisting poses a severe risk to the company's liquidity and investor confidence.

Key Players & Entities

• Nxu, Inc. (company) — Registrant
• September 4, 2024 (date) — Earliest event reported
• September 6, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• 001-41509 (identifier) — Commission File Number
• 92-2819012 (identifier) — IRS Employer Identification No.
• 1828 N. Higley Rd. Ste 116, Mesa, AZ 85205 (address) — Principal Executive Offices
• (602) 309-5425 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share NXU NASDAQ Indicate by ch

Filing Documents

• v942408k.htm (8-K) — 27KB
• 0001214659-24-016137.txt ( ) — 197KB
• nxu-20240904.xsd (EX-101.SCH) — 3KB
• nxu-20240904_lab.xml (EX-101.LAB) — 33KB
• nxu-20240904_pre.xml (EX-101.PRE) — 22KB
• v942408k_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On September 4, 2024, Nxu, Inc. (the "Company") received a letter (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, due to Caryn Nightengale not standing for re-election as a director of the Company at the Company's 2024 annual meeting of stockholders held on August 14, 2024 (the "Annual Meeting"), the Company was no longer in compliance with Nasdaq's audit committee requirements as set forth in Nasdaq Listing Rule 5605 (the "Audit Committee Requirements"). As a result of Ms. Nightengale not standing for re-election at the Annual Meeting, the Audit Committee (the "Audit Committee") of the Company's Board of Directors (the "Board") is currently comprised of two independent directors and one vacancy. Consistent with Nasdaq Listing Rule 5605(c)(4), Nasdaq will provide the Company with a cure period to regain compliance with Nasdaq Listing Rule 5605, which cure period will expire upon the earlier of the Company's next annual meeting of stockholders or August 14, 2025, or, if the Company's next annual meeting of stockholders is held before February 10, 2025, by February 10, 2025. In the event the Company does not regain compliance with the Audit Committee Requirements prior to the expiration of such cure period, the Nasdaq staff will provide the Company with written notification that its securities will be delisted from the Nasdaq Capital Market. At that time, the Company may appeal the delisting determination to a hearings panel. The Company intends to appoint an additional independent director to the Board and the Audit Committee as soon as practicable and prior to the expiration of such cure period. The Notice does not have an immediate effect on the listing or trading of the Company's Class A common stock, which will continue to be listed and traded on the Nasdaq Capital Market under the symbol "NXU." If the Company

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NXU, INC. Date: September 6, 2024 By: /s/ Mark Hanchett Mark Hanchett Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR