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MESA, Ariz. - Nxu, Inc. (NASDAQ: NXU), an American technology company specializing in energy storage and charging solutions, is nearing the completion of its merger with Verde Bioresins, Inc., a development that could reshape its market position. The stock, which has declined over 80% in the past year according to InvestingPro data, trades at $2.24. The finalization of this merger is contingent upon meeting certain conditions, including approval from Nasdaq.
On February 11, 2025, an overwhelming majority of Nxu’s shareholders, approximately 99%, voted in favor of issuing Nxu common stock and the consequent change of control resulting from the anticipated merger. According to Nxu's CEO, Mark Hanchett, the company has been diligently addressing the remaining closing items alongside Verde and is in close communication with Nasdaq's listing department. Hanchett also indicated that the recent reverse stock split was a crucial step in preparing for a successful merger.
Brian Gordon, President of Verde, expressed optimism about the final stages of the transaction, highlighting Verde's growing customer base as seen through their recent partnership with Happy Campers, a leader in gluten-free organic baked goods. Gordon believes that the merger's completion will grant Verde access to public markets, potentially accelerating the company's growth.
Nxu, Inc. prides itself on leveraging intellectual property and innovations in support of e-Mobility and energy storage solutions. The merger with Verde Bioresins, a company that aligns with Nxu's vision, is expected to enhance the combined entity's capabilities and market reach.
The information for this report is based on a press release statement. It should be noted that the press release contains forward-looking statements which involve risks and uncertainties. These statements are not guarantees of future performance and depend on a variety of factors, including but not limited to, Nxu's ability to meet Nasdaq listing standards and the successful completion of the merger with Verde. InvestingPro subscribers have access to 20 additional investment tips and comprehensive financial metrics for NXU, including detailed valuation analysis and growth projections.
In other recent news, Nxu, Inc. is facing a potential delisting from the NASDAQ Capital Market due to non-compliance with the minimum bid price requirement. Despite implementing a reverse stock split at a 1-for-20 ratio, the company has not achieved the necessary bid price of $1.00 per share. This reverse stock split, effective March 31, 2025, was approved by shareholders to enhance the stock's market price and maintain NASDAQ compliance. Additionally, Nxu has announced a merger with Verde Bioresins, Inc., which was approved by its stockholders and is expected to close in March 2025. The merger will result in Verde stockholders owning approximately 95% of the combined company. Furthermore, Nxu's shareholders have approved several key proposals, including changes to the company's stock structure and amendments to its Certificate of Incorporation. These steps are part of a strategic effort to rebrand as "Verde Bioresins, Corp." post-merger. The company has also requested a hearing to appeal the NASDAQ delisting decision, but trading suspension is scheduled to begin on April 10, 2025.
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