Summary by Moomoo AI
On December 26, 2024, Nxu Inc. entered into a $3 million private placement agreement with investors, issuing 6.8 million shares of Class A Common Stock and various warrants. The deal includes pre-funded warrants for 5.2 million shares, Series A warrants for 6 million shares, and Series B warrants with a variable share amount.The Series A and B warrants are exercisable upon stockholder approval, with Series A having a $0.50 exercise price subject to potential downward adjustment. The Series B warrants' share amount will be determined based on a reset price calculation. Both warrant series include provisions for cashless exercise and automatic exercise concurrent with Nxu's pending merger with Verde Bioresins, Inc.Nxu also entered into a Registration Rights Agreement to register the resale of the issued securities, and secured voting agreements from key individuals to support the warrant approvals. The company will pay a 7% fee to Maxim Group LLC as the placement agent.
