Nxu Receives Bid Price and Equity Compliance Confirmation From Nasdaq
February 14 2024 - 6:30AM
Nxu Inc. (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic
technology company developing and manufacturing innovative EV
charging and energy storage solutions for the infrastructure we
need to power our electrified future, announced that on Feb. 13,
2024, the Nasdaq Stock Market (“Nasdaq”) confirmed that the Company
has sufficiently demonstrated compliance with the bid price
requirement in Nasdaq Listing Rule 5550(a)(2) (“Bid Price Rule”)
and regained compliance with the equity requirement in Nasdaq
Listing Rule 5550(b)(1) (“Equity Rule”) pursuant to the Nasdaq
Hearing Panel (“Panel”) decision dated Dec. 18, 2023 (“Hearing
Decision”). Nxu presented its compliance plan to the Panel on Dec.
14, 2023, and the Panel gave the Company until April 7, 2024, to
demonstrate compliance with the Bid Price Rule and Equity Rule.
“The plan we presented to Nasdaq in December was thorough and
decisive,” said Mark Hanchett, Chairman and CEO at Nxu. “Our
dedication to timely executing that plan is obvious, as Nasdaq has
acknowledged both bid price and equity compliance. We look forward
to working with Nasdaq to remain in compliance for the foreseeable
future.”
For the Equity Rule only, the Company will be subject to a
mandatory hearing panel monitor for a period of one year. During
the one-year monitoring period, if the Company is again out of
compliance with the Equity Rule, it will not be afforded an
additional cure or compliance period. If issued a new delist
determination letter, the Company would have the opportunity to
again request a new hearing before the Panel. As soon as
the Company demonstrates compliance with the annual
shareholders meeting requirement of Nasdaq Listing Rule 5815
(d)(4)(C) (“Annual Meeting Rule”), it will have fully regained
compliance with Nasdaq’s continued listing requirements.
About Nxu, Inc.
Nxu, Inc. is a domestic technology company leveraging its
intellectual property and innovations to support e-Mobility and
energy storage solutions. Driving the energy future, Nxu is
developing an ecosystem of industry-leading grid level energy
storage solutions, charging infrastructure and over-air cloud
management – encompassed by Nxu’s seamless subscription-based
models. For more information, visit www.nxuenergy.com.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding our ability to remain
compliant with Nasdaq’s continued listing rules. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievements
to materially differ from those expressed or implied by these
forward-looking statements. A detailed discussion of these factors
and other risks that affect our business is included in filings we
make with the Securities and Exchange Commission (SEC) from time to
time, including our most recent annual report on Form 10-K,
particularly under the heading “Risk Factors.” Copies of these
filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at www.nxuenergy.com. All
forward-looking statements in this press release are based on
information currently available to us, and we assume no obligation
to update these forward-looking statements in light of new
information or future events.
CONTACT: Investor
Contact Investors@nxuenergy.com
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