Nxu Inc. has reported a potential delisting risk from the NASDAQ stock market due to non-compliance with certain listing requirements. The company was previously granted an exception by the Nasdaq Hearings Panel until April 7, 2024, to meet the minimum bid price and stockholders' equity requirements. Nxu Inc. believes it has regained compliance with these requirements as of the date of the report. However, on January 9, 2024, Nxu Inc. was notified by NASDAQ's Listing Qualifications Department of its failure to hold an annual shareholder meeting within the required timeframe, following the fiscal year ended December 31, 2022. This failure constitutes an additional basis for delisting. Nxu Inc. plans to present its views and a plan to hold an annual meeting expeditiously if an...Show More

Nxu Inc. has reported a potential delisting risk from the NASDAQ stock market due to non-compliance with certain listing requirements. The company was previously granted an exception by the Nasdaq Hearings Panel until April 7, 2024, to meet the minimum bid price and stockholders' equity requirements. Nxu Inc. believes it has regained compliance with these requirements as of the date of the report. However, on January 9, 2024, Nxu Inc. was notified by NASDAQ's Listing Qualifications Department of its failure to hold an annual shareholder meeting within the required timeframe, following the fiscal year ended December 31, 2022. This failure constitutes an additional basis for delisting. Nxu Inc. plans to present its views and a plan to hold an annual meeting expeditiously if an extension is granted. The company attributes the delay to a misunderstanding, believing it was exempt as a newly listed company after a reorganization merger in May 2023. The Panel will consider this matter in its decision regarding Nxu Inc.'s continued listing. There is no assurance that the Panel will grant the request for continued listing or that the company will comply within any granted extension period.