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Annie Pratt, President of Nxu, Inc. (NASDAQ:NXU), a company with a market capitalization of $6.07 million, has recently increased her holdings in the company, as detailed in a recent SEC filing. According to InvestingPro data, the stock has declined 67% over the past year, making this insider purchase particularly noteworthy. On March 7 and March 11, Pratt purchased a total of 61,733 shares of Class A Common Stock. The shares were acquired at prices ranging from $0.245 to $0.2487 per share, amounting to a total investment of $15,246.
These purchases follow a prior transaction on March 5, where Pratt acquired 30,681 shares at a price of $0.2542 per share, as part of a different transaction type, totaling $7,799.
Following these transactions, Pratt’s direct ownership in Nxu now stands at 537,032 shares.
In other recent news, Nxu, Inc. announced the approval of a merger with Verde Bioresins, Inc., a significant development that will result in Verde stockholders owning approximately 95% of the combined company. The merger, valued at $306.9 million for Verde and $16.2 million for Nxu, is expected to close in March 2025. Additionally, Nxu shareholders approved several proposals, including changes to the company’s stock structure and a reverse stock split, in preparation for rebranding as "Verde Bioresins, Corp." post-merger. The merger aims to leverage Verde’s proprietary PolyEarthylene bioresin technology to target nearly half of the global plastics market. Furthermore, Nxu has appointed Erin Essenmacher as an independent director to its Board of Directors. Essenmacher will also join the Audit Committee and is set to receive cash compensation for her role. These developments reflect Nxu’s strategic efforts to reposition itself in the market.
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