Nxu, Inc. (NXUR): debt financing — Atlis Motor Vehicles raises up to $27M via 10% discount convertible notes and warrants

Nxu, Inc.

Issued up to $30M principal of Senior Secured 10% Discount Convertible Notes; gross proceeds up to $27M.
First tranche closed: $10M principal notes for $9M; warrants for 231,312 shares issued at $15.00 or discounted VWAP.
Notes mature in 24 months, convertible at lesser of $15.00 or 92.5% of lowest 3 VWAPs over 10 days.
Warrants exercisable for 5 years, same conversion formula; additional tranches subject to conditions.
Maxim Group acted as placement agent; customary registration rights agreement filed.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Nxu, Inc. incurred convertible notes of aggregate principal amount of up to $30,000,000 with certain institutional investors at do not initially bear any interest maturing 24 months after issuance.

Instrument: convertible notes
Principal: aggregate principal amount of up to $30,000,000
Counterparty: certain institutional investors
Rate: do not initially bear any interest
Maturity: 24 months after issuance
Event: incurrence

Exact text from the filing

the Company agreed to issue to the Investors, for gross proceeds of up to $27,000,000, Senior Secured Original Issue 10% Discount Convertible Promissory Notes (the “ Notes ”) in the aggregate principal amount of up to $30,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nxu, Inc. entered into Securities Purchase Agreement with certain institutional investors valued at gross proceeds of up to $27,000,000 (effective 2022-11-03).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: gross proceeds of up to $27,000,000
Effective: 2022-11-03

Exact text from the filing

On November 3, 2022, Atlis Motor Vehicles, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with certain institutional investors (collectively, the “ Investors ”), pursuant to which the Company agreed to issue to the Investors, for gross proceeds of up to $27,000,000, Senior Secured Original Issue 10% Discount Convertible Promissory Notes (the “ Notes ”) in the aggregate principal amount of up to $30,000,000 and warrants (the “ Warrants ”)

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102 debt financings filed in the last 30 days. Browse all debt financings →

Nxu, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-22-013155

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