Nxu Inc. has received a notice from Nasdaq on April 2, 2024, indicating that the company is not meeting the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The current bid price of Nxu Inc.'s Class A common stock must be at least $1.00, which it has failed to maintain. The company has been given 180 days, until September 30, 2024, to regain compliance with this requirement. During this period, if the company's stock price closes at or above $1.00 for at least ten consecutive business days, it may be granted compliance confirmation. If Nxu Inc. does not achieve compliance by the deadline, it may be eligible for an additional 180-day period to meet the requirement, potentially through a reverse stock...Show More

Nxu Inc. has received a notice from Nasdaq on April 2, 2024, indicating that the company is not meeting the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The current bid price of Nxu Inc.'s Class A common stock must be at least $1.00, which it has failed to maintain. The company has been given 180 days, until September 30, 2024, to regain compliance with this requirement. During this period, if the company's stock price closes at or above $1.00 for at least ten consecutive business days, it may be granted compliance confirmation. If Nxu Inc. does not achieve compliance by the deadline, it may be eligible for an additional 180-day period to meet the requirement, potentially through a reverse stock split. Failure to comply could lead to delisting, which would have significant negative impacts on the company's stock liquidity, investor interest, equity financing capabilities, and employee equity incentives. Concurrently, the company's board has approved increased cash stipends for independent directors due to their additional service commitments, with the agreements detailed in exhibits filed with the SEC. The company is considering options to address the compliance issue and the notice does not affect its business operations or SEC reporting requirements.