Atlis Motor Vehicles closes $10M second tranche of convertible notes and warrants, netting $9M

Nxu, Inc.

Investors exercised rights to purchase $5.0M each in 10% discount convertible notes and warrants for total $10.0M principal, $9.0M gross proceeds.
Notes are senior secured, convertible into Class A common stock; warrants cover shares equal to 30% of note face value.
Closing expected January 31, 2023, subject to customary conditions.
Second tranche under November 2022 purchase agreement amendment.

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