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Jessica Billingsley, a director at Nxu, Inc. (NASDAQ:NXU), has recently sold a significant portion of her holdings in the company. According to a recent SEC filing, Billingsley sold 353,871 shares of Nxu's Class A Common Stock on November 18, 2024, at an average price of $0.2916 per share. This transaction amounted to a total value of approximately $103,188. The stock, currently trading at $0.26, has shown significant volatility with a beta of -2.49, according to InvestingPro data.
Following this sale, Billingsley now holds 443,787 shares of Nxu's Class A Common Stock. In a separate transaction reported on the same filing, Billingsley disposed of 147,929 shares on December 20, 2024, though this transaction did not involve any monetary exchange as the shares were disposed of directly. InvestingPro analysis indicates the company is rapidly burning through cash, with a weak overall financial health score.
Additionally, on December 31, 2023, Billingsley was granted 13,158 restricted stock units (RSUs) as compensation for her role as a director. These RSUs were valued at $35,000, calculated using the closing share price of $2.66 on December 27, 2023. Each RSU represents a contingent right to receive one share of Nxu's Class A Common Stock. The company's market capitalization currently stands at $9.92 million, with the stock down about 42% year-to-date.
In other recent news, Nxu, Inc. has announced significant developments. The company has appointed Erin Essenmacher as an independent director to its Board of Directors. Essenmacher will also join the Audit Committee and is expected to fill a vacancy left by the non-re-election of director Caryn Nightengale. Nxu, Inc. has also entered into a Director Agreement with Essenmacher, outlining her compensation and terms of service.
In addition to the new appointment, Nxu, Inc. has announced a definitive merger agreement with Verde Bioresins, Inc. The all-stock transaction will result in Nxu acquiring Verde, with the merged entity to be named Verde Bioresins, Corp. This merger brings a proprietary bioresin, PolyEarthylene™, into Nxu's portfolio.
Furthermore, Nxu, Inc. has approved amendments to its stock and officer compensation plans, including an amendment to Nxu's Certificate of Incorporation. The company has also announced the rollout of a subscription plan for its NxuOne™ EV Charging System. These developments come as the company prepares for its next earnings report scheduled for February 26, 2025.
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