Anika Begay
Mesa, Arizona-based Nxu, Inc. (NASDAQ:NXU), formerly known as Atlis Motor Vehicles Inc., announced in a recent SEC filing significant corporate developments following its 2024 annual meeting of stockholders held on Tuesday, August 14, 2024. The company, which operates in the truck and bus body manufacturing industry under SIC Code 3713, disclosed material changes to security holder rights and the approval of an amended executive incentive plan.
Shareholders approved an amendment to Nxu’s Certificate of Incorporation, allowing the company to change the number of authorized shares and to effect reverse stock splits under certain conditions, pursuant to Section 242(d) of the Delaware General Corporation Law. This amendment, filed with the Delaware Secretary of State on Friday, August 16, 2024, facilitates changes in share counts and reverse stock splits through a streamlined shareholder approval process.
Additionally, shareholders approved the amendment and restatement of the Nxu, Inc. 2023 Omnibus Incentive Plan. The updated plan increases the shares available for issuance by 48 million and extends the award grant period to August 13, 2034. This move is intended to provide competitive compensation arrangements for the company’s executives.
At the Annual Meeting, four Directors were elected to serve until the 2025 Annual Meeting. The reelected Directors include Mark Hanchett, Annie Pratt, Britt Ide, and Jessica Billingsley. Each Director received a majority of the votes cast, with totals ranging from 3,901,393 to 3,911,305 in favor.
Additionally, shareholders ratified the appointment of Prager Metis CPAs LLC as an independent registered public accounting firm for the fiscal year ending December 31, 2024.
In recent news, Nxu, Inc. has made significant changes to its corporate charter, most notably lowering the quorum required for shareholder meetings from a majority to one-third of the total voting power of the outstanding shares.
This strategic decision aims to facilitate the convening of shareholders’ meetings and improve operational flexibility. The amendment, already in force, will be applied retroactively to the company’s 2024 annual shareholders’ meeting.
Additionally, Nxu, Inc. announced the launch of a new subscription plan for its NxuOne™ EV Charging System. For $150 per month, subscribers get unlimited access to a high-powered public charging station in the Phoenix metro area. This initiative, which leverages Nxu’s proprietary technology, aims to provide a cost-effective charging solution for a variety of electric vehicle brands.
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