Jessica Billingsley, a director at Nxu, Inc. (NASDAQ:NXU), recently sold 14,455 shares of the company's Class A common stock. The shares were sold on November 25, 2024, at a price of approximately $0.2622 per share, amounting to a total transaction value of $3,790. The sale comes as the micro-cap company, valued at just $4 million, has seen its stock decline over 91% in the past year. InvestingPro analysis indicates the company is rapidly burning through cash, with a weak overall financial health score.
Prior to the sale, Billingsley received a grant of restricted stock units (RSUs) for her services as a director. On October 23, 2024, she was awarded 205,943 RSUs, a portion of which was compensation for the first and second calendar quarters of 2024. An additional 591,715 RSUs were granted under Nxu's Amended and Restated 2023 Omnibus Incentive Plan. These RSUs are set to vest incrementally through June 30, 2025, contingent upon her continued service on the board.
Following the recent stock sale, Billingsley holds 784,499 shares of Nxu, Inc.
In other recent news, Nxu, Inc. has announced a definitive merger agreement with Verde Bioresins, Inc., a sustainable bioplastics producer. The all-stock transaction, approved by the boards of both companies, will result in the formation of Verde Bioresins Corp., with Nxu acquiring Verde. The merger aims to integrate Verde's proprietary bioresin, PolyEarthylene™, into Nxu's electric vehicle charging systems, potentially disrupting the plastics industry.
This significant development is part of Nxu's strategic alternatives exploration, initiated in 2024, to optimize assets and generate sustained shareholder value. The merger is expected to close in the first quarter of 2025, subject to shareholder approval and customary closing conditions.
In other developments, Nxu, Inc. is working towards compliance with NASDAQ's audit committee requirements to avoid potential delisting. The company has also approved amendments to its stock and officer compensation plans, and made changes to its corporate bylaws to enhance operational flexibility. Furthermore, Nxu has introduced a subscription plan for its NxuOne™ EV Charging System, offering cost-effective charging solutions for various electric vehicle brands.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.