Nxu Repays Nearly $20 Million of Convertible Notes

Grand News Network | November 6, 2023

MESA, Ariz., Nov. 06, 2023 (GLOBE NEWSWIRE) -- 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, has extinguished all but $100,000 of the $20 million in convertible notes ("Notes") that were previously issued in conjunction with a 2022 private placement involving two investors ("Investors"). The deal was comprised of two convertible notes of $10 million each which resulted in two tranches of $9 million each in proceeds to Nxu. The first tranche disbursed in Q4 2022 and the second in Q1 2023. Through the conversions, Nxu has substantially paid off its convertible Notes and cleared the corresponding liabilities from its balance sheet. The Investors still hold warrants to purchase up to 1,711,306 shares of Class A common stock.

"The substantial repayment of the ...

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