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 bodies manufacturing sector under the SIC code 3713, disclosed material modifications to the rights of security holders and the approval of an amended incentive plan for officers.
Shareholders approved an amendment to Nxu's Certificate of Incorporation, enabling the company to adjust the number of authorized shares and to enact reverse stock splits under certain conditions, as per 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 via a simplified stockholder approval process.
Additionally, the stockholders endorsed the amendment and restatement of the Nxu, Inc. 2023 Omnibus Incentive Plan. The updated plan increases the available shares for issuance by 48 million and extends the award grant period until August 13, 2034. This move aims to provide competitive compensation arrangements for the company's officers.
During the Annual Meeting, four directors were elected to serve until the 2025 annual meeting. The directors re-elected include Mark Hanchett, Annie Pratt, Britt Ide, and Jessica Billingsley. Each of the directors received a majority of the votes cast, with totals ranging from 3,901,393 to 3,911,305 in favor.
Furthermore, the appointment of Prager Metis CPAs LLC as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by the stockholders.
In other recent news, Nxu, Inc. has made significant changes to its corporate bylaws, notably lowering the quorum requirement for shareholder meetings from a majority to one-third of the total voting power of shares issued.
This strategic decision is aimed at facilitating the convening of shareholder meetings and enhancing operational flexibility. The amendment, which is already in effect, will be applied retroactively to the company's 2024 annual meeting of stockholders.
In addition to this, Nxu, Inc. has announced the rollout of a novel subscription plan for its NxuOne™ EV Charging System. For $150 per month, subscribers gain unlimited access to a high-powered public charging station in the Phoenix metro area. This initiative, leveraging Nxu's proprietary technology, aims to offer a cost-effective charging solution for a variety of EV brands.
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