Nxu, Inc. (NXUR): Nasdaq/NYSE listing notice — Atlis Motor Vehicles receives Nasdaq bid-price deficiency; convertible notes default triggered, $3.3M due

Nxu, Inc.

Nasdaq notice for bid price below $1.00 per share; 180-day cure period runs to Oct 8, 2023.
Convertible notes event of default: 10% default interest starts and $3.3M payable (principal + accrued interest) unless waived.
Holders may elect to convert the default amount at an alternative conversion price.
If bid price not cured by Oct 8, company may seek 180-day extension via reverse stock split; otherwise delisting risk.

item 2.04 item 3.01

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. faced acceleration on convertible notes of $3.3 million at 10% per annum.

Instrument: convertible notes
Principal: $3.3 million
Rate: 10% per annum
Event: acceleration

Exact text from the filing

On April 11, 2023, the Company also determined that receipt of the Notice of non- constituted an event of default under its convertible notes. As a result, unless waived by the holders, the convertible notes began accruing default interest at a rate of 10% per annum and the Company is obligated to pay to the holders $3.3 million

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Nxu, Inc. received a nasdaq deficiency notice notice regarding minimum bid price.

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price

Exact text from the filing

April 11, 2023, the Company received the Notice indicating that the Company is not in compliance with the Bid Price Requirement. The Notice has no immediate effect on the listing of the Company’s Class A common stock on Nasdaq and the Company will have 180 calendar days from the date of the Notice in which to regain compliance with the Bid Price Requirement. As a result, the date by which the Company has to regain compliance with the Bid Price Requirement is October 8, 2023. If at any time prior to October 8, 2023, the bid price of the Company’s common stock closes at or above $1.00 per share

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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 0001214659-23-005435

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