In a significant move towards advancing the electrification of vehicles, NXU Inc., a pioneering domestic technology company specializing in innovative electric vehicle (EV) charging and energy storage solutions, has inked a letter of intent (LOI) to strategically invest in Lynx Motors. The announcement triggered a remarkable surge in NXU’s stock, which closed Wednesday’s trading at $0.0195, experiencing a notable increase to open at $0.0304. The surge is reflected in the trading activity, with over 242 million shares changing hands so far, far surpassing the average trading volume of 37.35 million shares.
At the time of this publication, NXU Inc stock (NXU) has witnessed a surge.
NXU Inc.
Current Price: $0.03
Change : +0.01
Change (%): (30.77%)
Volume: 242.8M
Source: Tomorrow Events Market Data
As part of the strategic partnership, NXU aims to leverage its cutting-edge vehicle and charging technology to expedite Lynx Motors’ development of electrified products. Lynx Motors, known for reimagining classic vehicles with a focus on modernization and electrification, aims to retain the original character and design of classic cars while incorporating contemporary amenities and powertrains.
Beyond the strategic value, this transaction aligns with NXU’s Nasdaq compliance plan, enhancing shareholder equity and ensuring adherence to Nasdaq’s listing standards. Lynx Motors, with a robust reservation list and plans for rapid scaling, is on a mission to electrify some of the most iconic cars in history, potentially yielding significant revenue and prompt profitability.
Mark Hanchett, Founder, Chairman, and CEO of NXU, expressed enthusiasm about the partnership, stating, “With our common interest and goals aligned toward electrification, we envision tremendous potential in this strategic partnership and collaboration.” Hanchett sees the collaboration with Lynx as an opportunity to build shareholder value and leverage Lynx’s dedicated following to rapidly scale their shared vision of electrification.
Lynx Motors’ CEO, Rod Keller, brings over 25 years of industry and public company experience to the collaboration, having worked with notable companies such as Linksys, Siemens, DIRECTV, Segway, AYRO, Cenntro Automotive Corporation, and Teemak Power Corporation. Keller’s emphasis on an impeccable customer experience at Lynx aligns seamlessly with NXU’s standards for the future of EV charging.
Keller shared his perspective, saying, “Our customers are customers we want to keep for life, and to do that, we need to provide them with unparalleled products and services.” He highlighted the excitement of collaborating with NXU, emphasizing their shared vision for electrification while maintaining a laser focus on customer experience.
The investment structure involves a share exchange, with $3 million in NXU shares exchanged for an equivalent value in Lynx shares. This transaction adds value to Lynx shares on NXU’s balance sheet, and as part of the deal, NXU will secure a seat on Lynx’s Board of Directors. To expedite the electrification process, Lynx will issue an interest-free promissory note of $250,000 to NXU in exchange for a $250,000 bridge loan.
As NXU and Lynx Motors join forces, the collaboration is poised to accelerate the future of electrified vehicles, offering consumers an exciting ride with a reliable charging experience, making zero compromises.
