Nxu, Inc. Reports Director Departures and Executive Compensation Changes
Ticker: NXUR · Form: 8-K · Filed: Jan 13, 2025 · CIK: 1722969
Sentiment: neutral
Topics: management-change, executive-compensation, corporate-governance
TL;DR
Nxu board shakeup and exec pay adjustments announced.
AI Summary
On January 13, 2025, Nxu, Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing indicates the departure of certain officers and directors, the election of new directors, and adjustments to compensatory arrangements for key executives. These changes are effective as of January 13, 2025.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, or financial outlook, potentially impacting investor confidence and stock performance.
Risk Assessment
Risk Level: medium — Changes in directorship and executive compensation can indicate internal shifts that may affect future performance or strategy.
Key Numbers
- 001-41509 — SEC File Number (Identifies the company's filing with the SEC.)
- 92-2819012 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Nxu, Inc. (company) — Registrant
- January 13, 2025 (date) — Effective date of reportable events
- Delaware (jurisdiction) — State of incorporation
- Mesa, AZ (location) — Principal executive offices
- Atlis Motor Vehicles Inc (company) — Former company name
FAQ
Who has departed from Nxu, Inc.'s board of directors or officer positions?
The filing indicates the departure of certain officers and directors, but specific names are not listed in the provided text.
When were the reported changes effective?
The changes reported in the 8-K filing were effective as of January 13, 2025.
What is Nxu, Inc.'s principal executive office address?
Nxu, Inc.'s principal executive offices are located at 1828 N. Higley Rd. Ste 116, Mesa, AZ 85205.
What was Nxu, Inc.'s former company name?
Nxu, Inc.'s former company name was Atlis Motor Vehicles Inc.
What is the SIC code for Nxu, Inc.?
The Standard Industrial Classification (SIC) code for Nxu, Inc. is 3713, which corresponds to Truck & Bus Bodies.
Filing Stats: 801 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2025-01-13 17:00:24
Key Financial Figures
- $0.0001 — tered Class A Common Stock, par value $0.0001 per share NXU NASDAQ Indicate by ch
- $20,000 — pursuant to which she will receive (1) $20,000 in cash as the compensation for the fir
- $25,000 — minated in accordance with its terms, a $25,000 per quarter cash stipend following the
Filing Documents
- o1132538k.htm (8-K) — 24KB
- 0001214659-25-000507.txt ( ) — 193KB
- nxu-20250113.xsd (EX-101.SCH) — 3KB
- nxu-20250113_lab.xml (EX-101.LAB) — 33KB
- nxu-20250113_pre.xml (EX-101.PRE) — 22KB
- o1132538k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 13, 2025, the Board of Directors (the "Board") of Nxu, Inc. (the "Company") elected Erin Essenmacher to serve as a director on the Board, effective immediately, to fill the vacancy on the Board. The Board determined that Ms. Essenmacher is an independent director within the meaning of the listing rules of the Nasdaq Stock Market. Ms. Essenmacher will serve as an independent director until her successor is duly elected and qualified or until her resignation or removal. The Board also appointed Ms. Essenmacher to fill an existing vacancy on the Audit Committee of the Board. In connection with her appointment, the Company entered into a Board of Directors Agreement (the "Director Agreement") with Ms. Essenmacher , pursuant to which she will receive (1) $20,000 in cash as the compensation for the first financial quarter of 2025 through the earlier of (i) the closing of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of October 23, 2024, by and among the Company, Verde Bioresins, Inc., NXU Merger Sub, Inc. and NXU Merger Sub, LLC (the "Merger Agreement"), and (ii) March 31, 2025, and (2) if the Director Agreement is not terminated in accordance with its terms, a $25,000 per quarter cash stipend following the close of each financial quarter beginning with the calendar quarter beginning on April 1, 2025 and ending with the calendar quarter beginning January 1, 2026, provided that Ms. Essenmacher continues to serve as a director of the Company through the end of the applicable financial quarter. The Director Agreement terminates on the earliest of (x) the date of the closing of the transactions contemplated by the Merger Agreement, (y) the 2025 annual meeting of stockholders, and (z) her resignation, removal or death. In addition, Ms. Essenmacher is expected to enter
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: January 13, 2024 By: /s/ Mark Hanchett Mark Hanchett Chief Executive Officer