Nxu closes $3.0M public offering of 86M shares at $0.035/share

Nxu, Inc.

Offering of 86,000,000 shares of Class A common stock at $0.035 per share, gross proceeds ~$3.0M.
Maxim Group LLC acted as sole placement agent; fee of 6.5% of gross proceeds plus $50K expense reimbursement.
Proceeds to be used for general corporate purposes, including operating expenses and EV charging product development.
Convertible note holders can require prepayment of up to 20% of gross proceeds; ~$1.3M of notes outstanding.
Executive officers and directors subject to 30-day lockup on share sales without placement agent consent.

item 1.01 item 2.04 item 8.01 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. entered into Purchase Agreement with certain investors named therein (effective 2023-10-19).

Action: entry
Agreement: equity purchase
Counterparty: certain investors named therein
Effective: 2023-10-19

Exact text from the filing

On October 19, 2023, the Company entered into a securities purchase agreement (the "Purchase Agreement") with certain investors named therein (the "Purchasers")

View on SEC.gov

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

Nxu, Inc. entered into Placement Agency Agreement with Maxim Group LLC (effective 2023-10-19).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC
Effective: 2023-10-19

Exact text from the filing

On October 19, 2023, the Company entered into a securities purchase agreement (the "Purchase Agreement") with certain investors named therein (the "Purchasers"), and a placement agency agreement (the "Placement Agency Agreement") with Maxim Group LLC (the "Placement Agent")

View on SEC.gov

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Nxu, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-013798

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