On December 10, Nxu, Inc. (NASDAQ:NXU) disclosed in an SEC filing that Britt E. Ide, a director of the company, sold shares amounting to approximately $97,918. According to InvestingPro data, this insider sale comes as the company faces significant challenges, with the stock down over 91% in the past year and a current market capitalization of just $4 million. The transactions, which took place over several days in November, involved selling shares at prices ranging from $0.2554 to $0.3251 per share.
The sales began on November 18, with Ide selling 40,000 shares at $0.3251 each and 28,978 shares at a weighted average price of $0.2924. On November 19, Ide continued with a sale of 271,022 shares at a weighted average price of $0.2616. The final sale occurred on November 21, involving 21,700 shares at $0.2554.
Following these transactions, Ide holds 439,754 shares of Nxu's Class A common stock. These sales come after Ide's acquisition of restricted stock units (RSUs) for services as a director, as detailed in the same filing. Want deeper insights into insider trading patterns and 14 additional ProTips about NXU? Check out InvestingPro for comprehensive analysis.
In other recent news, Nxu, Inc. and Verde Bioresins, Inc. have announced a definitive merger agreement. The all-stock transaction will result in Nxu acquiring Verde, with the merged entity to be named Verde Bioresins, Corp. The merger, unanimously approved by both companies' boards, is expected to close in the first quarter of 2025, with pre-merger Verde stockholders owning approximately 95% of the combined company. This development comes as Nxu, Inc. faces potential delisting from NASDAQ due to non-compliance with audit committee requirements.
In other developments, Nxu, Inc. has approved amendments to its stock and officer compensation plans, including an amendment to Nxu's Certificate of Incorporation, enabling the adjustment of authorized shares and the enactment of reverse stock splits. The company has also made significant changes to its corporate bylaws, notably lowering the quorum requirement for shareholder meetings.
Lastly, Nxu, Inc. has announced the rollout of a subscription plan for its NxuOne™ EV Charging System, aiming to provide a cost-effective charging solution for various electric vehicle brands. These are among the recent developments in Nxu, Inc.'s operations.
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