Written by Cláudio Afonso | LinkedIn | X
Shares of the EV charging startup NXU soared more than 220% on Thursday morning after the company announced it is proposing a merger with the bioplastics producer Verde Bioresins.
In 2023, NXU’s founder and chief executive Mark Hanchett gave up on the project of building a 500-mile-range electric pickup and rebranded the company, Atlis Motor Vehicles, as Nxu.
On Thursday, the charging and energy storage firm said it would acquire all of the issued and outstanding common shares of Verde in an all-stock transaction adding that the combined company is expected to be renamed “Verde Bioresins, Corp.” and list on Nasdaq under the new ticker symbol “VRDE.”
Earlier this year, the charging firm tested its NxuOne Charging Station with a Tesla Cybertruck and reached a new peak charging rate of 327kW, beating the previous record of 253kW.
Meanwhile, in mid September, A Cybertruck set a new charging speed record of 600 kW with an Ejoin charger through a CCS to NACS registering a peak rate of 405 kW.
In a statement, Hanchett said the company “has remained steadfast in its pursuit of a sustainable future through clean technology, and a combination with Verde is a creative path to that future that has the potential for long-term value creation for our shareholders.”
Written by Cláudio Afonso | LinkedIn | X
