MESA, AZ – Nxu, Inc. (NASDAQ:NXU), a Delaware-incorporated truck and bus body manufacturer, has announced a significant amendment to its corporate bylaws, effectively lowering the quorum requirement for shareholder meetings. The board of directors of Nxu, Inc. has revised Section 1.6 of the bylaws to decrease the quorum from a majority to one-third of the total voting power of shares issued and outstanding and entitled to vote at a meeting of stockholders.
The decision, effective as of today, Wednesday, is aimed at facilitating the convening of shareholder meetings. This amendment will be applied retroactively to the company’s 2024 annual meeting of stockholders. The company, formerly known as Atlis Motor Vehicles Inc., has made this strategic move to enhance its operational flexibility in organizing stockholder meetings.
The change in quorum requirement is a strategic step for Nxu, Inc. as it may help streamline the process of decision-making and corporate governance, especially when it is challenging to gather a majority of voting power in one meeting. It reflects the company's proactive approach to adapt its governance practices to better suit its operational needs.
In other recent news, Nxu, Inc. has rolled out a novel subscription plan for its NxuOne™ EV Charging System, offering unlimited access to a high-powered public charging station in the Phoenix metro area for $150 per month. This initiative, designed to offer a cost-effective charging solution at 33 cents per kWh, uses Nxu's proprietary technology to optimize charging for a range of EV brands. The service, which follows positive feedback from pilot users, can be accessed via the NxuOne™ mobile app on iOS and Android devices.
Nxu's CEO, Mark Hanchett, views the expansion of the subscription service as a key step in the company's strategy to cultivate the NxuOne™ charging ecosystem. This is part of Nxu's ongoing commitment to align with EV market trends and foster long-term growth. These recent developments are based on a press release statement issued by Nxu, Inc. and are subject to risks and uncertainties detailed in the company's SEC filings.
InvestingPro Insights
In light of Nxu, Inc.'s recent amendment to its corporate bylaws, potential investors and current shareholders may find additional context from InvestingPro data and tips useful. The company's market capitalization stands at a modest $4.71 million, emphasizing its position as a niche player in the truck and bus body manufacturing industry. Despite a challenging financial performance with a negative gross profit margin of -103.6% for the last twelve months as of Q1 2024, Nxu, Inc. holds more cash than debt, which could provide some financial stability in the short term.
InvestingPro Tips suggest that while Nxu, Inc. is trading at a low Price / Book multiple of 0.34, analysts are not expecting the company to be profitable this year. Additionally, the company's stock has experienced significant price volatility, with a one-week total return of -8.16%, and an alarming one-year price total return of -99.57%, reflecting the stock's poor performance over the past year. However, it's noteworthy that analysts anticipate sales growth in the current year, which could be a silver lining for the company's future prospects.
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