TIME TO BUY NXU Nxu has entered into a merger agreement with Verde Bioresins, pursuant to which Nxu will acquire all the issued and outstanding common shares of Verde in an all-stock transaction.Upon

TIME TO BUY NXU
Nxu has entered into a merger agreement with Verde Bioresins, pursuant to which Nxu will acquire all the issued and outstanding common shares of Verde in an all-stock transaction.

Upon closing of the merger, the combined company is expected to be renamed “Verde Bioresins, Corp.” and list its common stock on Nasdaq under the new ticker symbol “VRDE.”

Upon the closing of the merger, assuming Nxu’s aggregate enterprise value is approximately $16.2 million, pre-Merger Verde stockholders will own approximately 95% of the combined company and pre-Merger Nxu stockholders will own approximately 5% of the combined company.

After closing of the merger, the board of directors of the combined company will consist of seven members, six of whom will be appointed by Verde and one of whom will be appointed by Nxu.

Verde management team will manage the business of the combined company.