Major events

Nxu Inc., a technology company specializing in energy storage and charging solutions, announced on May 10, 2024 that it is exploring strategic alternatives to increase shareholder value, including potential business mergers. The company's strategic planning committee, with the help of external consultants, is leading the evaluation process and has identified potential targets for mergers or acquisitions. Although discussions with several expected goals are ongoing, the outcome or timing of this strategic review is uncertain. At the same time, as part of cost-saving measures aimed at reducing operating expenses, Nxu Inc. has cut staff in various departments, including product, engineering, manufacturing, and general and administrative functions. These measures are expected to significantly reduce the company's operating costs. Nxu Inc. expects recorded expenses related to employee severance payments for the second quarter of 2024 to be approximately $0.837 million. The company's CEO Mark Hanchett highlighted the potential benefits of the strategic merger for all shareholders. Nxu Inc. remains focused on its core business of providing electric vehicles and energy storage solutions.