Atlis Motor Vehicles amends securities purchase agreement, modifies second tranche terms, terminates third tranche

Nxu, Inc.

Amends Nov 2022 Securities Purchase Agreement: second tranche up to $10M base + $5M oversubscription of 10% discount convertible notes and warrants.
Each investor can purchase $5M base allocation; initial closing requires at least $10M total. Closing by April 30, 2024 or 20 trading days after first-tranche resale registration effective.
True Up Warrants issued to each investor for aggregate 268,980 shares of Class A common stock.
Minimum cash covenant: maintain cash balance at least 19% of outstanding principal until resale registration effective for all underlying shares.
Prohibition on variable rate transactions until later of Second Tranche Expiration or no Notes outstanding; participation rights up to 25% (or 100% for variable rate).

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Nxu, Inc. amended Registration Rights Agreement Amendment with each Investor (effective 2023-01-05).

Action: amendment
Counterparty: each Investor
Effective: 2023-01-05

Exact text from the filing

Concurrently with the Purchase Agreement Amendment, the Company also entered into an amendment (the “ Registration Rights Agreement Amendment ”) to the Registration Rights Agreement, dated as of November 3, 2022, with each Investor

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

Nxu, Inc. amended Purchase Agreement Amendment with each institutional investor party to the Purchase Agreement (effective 2023-01-05).

Action: amendment
Agreement: equity purchase
Counterparty: each institutional investor party to the Purchase Agreement
Effective: 2023-01-05

Exact text from the filing

On January 5, 2023, Atlis Motor Vehicles, Inc. (the “ Company ”) entered into an amendment (the “ Purchase Agreement Amendment ”) to the Securities Purchase Agreement, dated as of November 3, 2022 (the “ Purchase Agreement ”), with each institutional investor party to the Purchase Agreement (collectively, the “ Investors ”)

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Nxu, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-000312

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