Nxu Inc announced a merger agreement with Verde Bioresins Inc on October 23, 2024, in a transaction valuing Verde at approximately $306.9 million and Nxu at $16.2 million. Upon closing, Verde shareholders will own approximately 95% of the combined company, while Nxu shareholders will retain 5%. The merged entity will be renamed Verde Bioresins Corp and trade under the ticker "VRDE".The merger will be executed through a two-step process, with Verde becoming a wholly-owned subsidiary of Nxu. The transaction requires approval from both companies' shareholders, Nasdaq listing approval, and SEC registration effectiveness. Key changes include board restructuring with six Verde appointees and one Nxu appointee, and management transition to Verde's executive team.The deal includes support agreements from major shareholders, with Verde's controlling stockholder and Nxu's directors holding 19% voting power committing to approve the merger. Lock-up agreements restrict share transfers for 180 days post-closing, with additional restrictions on large transfers for 24 months. The merger is expected to close by March 31, 2025.

Nxu Inc announced a merger agreement with Verde Bioresins Inc on October 23, 2024, in a transaction valuing Verde at approximately $306.9 million and Nxu at $16.2 million. Upon closing, Verde shareholders will own approximately 95% of the combined company, while Nxu shareholders will retain 5%. The merged entity will be renamed Verde Bioresins Corp and trade under the ticker "VRDE".The merger will be executed through a two-step process, with Verde becoming a wholly-owned subsidiary of Nxu. The transaction requires approval from both companies' shareholders, Nasdaq listing approval, and SEC registration effectiveness. Key changes include board restructuring with six Verde appointees and one Nxu appointee, and management transition to Verde's executive team.The deal includes support agreements from major shareholders, with Verde's controlling stockholder and Nxu's directors holding 19% voting power committing to approve the merger. Lock-up agreements restrict share transfers for 180 days post-closing, with additional restrictions on large transfers for 24 months. The merger is expected to close by March 31, 2025.