CORRECTION – Atlis Motor Vehicles Shareholders Approve Reorganization to Holding Company, Nxu, Inc., and Omnibus Incentive Plan

MESA, Ariz., May 12, 2023 (GLOBE NEWSWIRE) — In a release issued from Atlis Motor Vehicles, Inc. (NASDAQ: AMV), on May 11, 2023 under the same headline, please note that in the fourth paragraph the date for the new ticker symbol to become effective was at the closing of the Nasdaq market on May 12, 2023. The symbol will become effective at the opening of the Nasdaq market on May 15, 2023. The corrected release follows:

Atlis Motor Vehicles, Inc. (NASDAQ: AMV), a US-owned technology company manufacturing innovative battery cells and battery packs for use in advanced energy storage systems, megawatt charging stations, and mobility products, today announced shareholder approval of the company reorganization to a holding company structure with Nxu, Inc. (pronounced: “new”) as the surviving publicly traded entity (the “Holding Company Proposal”). A proposed Omnibus Incentive plan was also approved by the shareholders (the “Plan Proposal”). 

At a special meeting for shareholders held on May 9, 2023, 99.86% of voting shares were in favor of the Holding Company Proposal to restructure the company, resulting in Atlis Motor Vehicles becoming a subsidiary of a new Delaware corporation named “Nxu, Inc.” Shareholders voted 99.77% of voting shares in approval of the Plan Proposal, which promotes ownership in Nxu, Inc. by its employees, directors, and consultants by allowing them to receive compensation in the form of awards based on the value of Nxu common stock. The Plan Proposal was previously approved and recommended by Nxu’s Board of Directors. 

“​We’re thrilled to have the support of our shareholders throughout this evolution of our company,” says Nxu CEO and Founder Mark Hanchett. “This restructuring demonstrates our commitment to generate maximum value for customers and shareholders. By offering the stock compensation plan, we intend to attract top talent – those with innovative mind who will help us deliver against our milestones and develop technology that makes electrification viable for mobility and infrastructure.”

The special shareholder meeting comes just three weeks after the company announced its rebranding to Nxu, a move that more closely aligns with the company’s focus on developing technology to make electrification viable for mobility and infrastructure. The new ticker symbol “NXU” will become effective upon the opening of the Nasdaq market on May 15, 2023. Outstanding stock certificates will not be affected by the name change and will not need to be exchanged. All stock trading, filings and market-related information will be reported under the new corporate name and ticker symbol.  For more information, visit the Nxu Investor’s FAQ page: https://nxuenergy.com/investors/faq. 

About Nxu, Inc.

Nxu, Inc. is a vertically integrated technology company leveraging its intellectual properties and U.S.-manufactured battery innovations to support e-Mobility and energy storage solutions.

The Nxu Ecosystem will consist of industry leading Battery Cell and Pack technologies, Grid Level Energy Storage Solutions, Charging Infrastructure, Platform and Medium-Duty Electric Mobility Solutions, and Over-Air Cloud Management – all wrapped in Nxu’s seamless subscription-based models. For more information, visit www.nxuenergy.com.

Forward-Looking Safe Harbor Statement

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the offering, sale of securities, our ability to complete the offering and our intended use of proceeds. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management. These forward-looking statements are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Nxu and Nxu management. These forward-looking statements are subject to a number of risks and uncertainties, including all of the risk factors stated under the heading “Risk Factors” in the most recently filed Registration Statement, as well as other documents Nxu has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Nxu’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Nxu does not currently know or that Nxu currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Nxu’s expectations, plans or forecasts of future events and views as of the date of this communication. Nxu anticipates that subsequent events and developments will cause Nxu’s assessments to change. However, while Nxu may elect to update these forward-looking statements at some point in the future, Nxu specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nxu’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

CONTACT:
Mary Trout
Nxu, Inc.
[email protected]

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