Nxu receives Nasdaq delisting notice for equity and bid price non-compliance; plans hearing and compliance steps

Nxu, Inc.

Received delisting notice for failing Nasdaq's stockholders' equity minimum ($2.5M) and minimum bid price ($1.00).
Intends to request a hearing next week; securities continue trading during process.
Will attempt to increase equity via public offering of 42,666,667 shares and explore other financing.
Plans reverse stock split to address bid price deficiency, executable via shareholder resolution.
If hearing panel grants plan, company may get up to 180 days to regain compliance.

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