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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 4, 2023
| Nxu, Inc. |
| (Exact Name of Registrant as Specified in Charter) |
| Delaware | 001-41509 | 92-2819012 | ||
|
(State or Other Jurisdiction of Incorporation |
(Commission File Number) |
(IRS Employer Identification No.) |
| 1828 N. Higley Rd. Ste 116, Mesa, AZ 85205 |
| (Address of Principal Executive Offices) (Zip Code) |
Registrant’s telephone number, including area code: (602) 309-5425
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol(s) |
Name of each exchange on which registered |
| Class A Common Stock, par value $0.0001 per share | NXU | NASDAQ |
Indicate by checkmark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) of Rule 12B-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company x
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02. Departure Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 4, 2023 Nxu, Inc. (the “Company”) received a notice of resignation from its Chief Financial Officer, Apoorv Dwivedi, effective January 12, 2024. Mr. Dwivedi resigned to pursue other employment opportunities, and there were no material disagreements between Mr. Dwivedi and the Company at the time of his resignation. His departure is not related to the operations, policies, or practices, including accounting principles and practices, of the Company.
The Board of Directors of the Company intends to conduct a search of potential candidates to replace Mr. Dwivedi. In the interim, the Company’s Vice President of Finance, Sarah Wyant, will be named Interim Chief Financial Officer and will assume the duties as the principal financial officer and principal accounting officer for the Company. Ms. Wyant, 39, has served as the Company’s Vice President of Finance since May 2023. Prior to joining the Company, Ms. Wyant served as Associate Director of Financial Planning & Analysis of Carvana Co. from January 2021 to November 2022, after having served as its Head of Corporate Accounting from May 2016 to January 2021.
There are no arrangements or understandings between Ms. Wyant and any other persons pursuant to which she will become the Company’s Interim Chief Financial Officer. There are no family relationships between Ms. Wyant and any director or executive officer of the Company, and there are no transactions between Ms. Wyant and the Company that would be required to be reported under Item 404(a) of Regulation S-K. As of the date of this Current Report on Form 8-K, no new or other compensatory arrangements have been entered into with Ms. Wyant in connection with her appointment as Interim Chief Financial Officer.
A copy of the press release announcing Mr. Dwivedi’s resignation and Ms. Wyant’s appointment is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated December 5, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Nxu, Inc. | ||
| By: | /s/ Mark Hanchett | |
| Name: Mark Hanchett | ||
| Title: Chief Executive Officer | ||
| Dated: December 5, 2023 | ||
Exhibit 99.1
Press Release
FOR RELEASE ON: Dec. 5, 2023
Nxu Announces CFO Transition
Sarah Wyant Appointed Interim Chief Financial Officer
MESA, Ariz., Dec. 5, 2023 - Nxu
Inc., (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic technology company developing and manufacturing innovative
EV charging and energy storage solutions for the infrastructure we need to power our electrified future, announced that it has accepted
the resignation of Apoorv Dwivedi, its Chief Financial Officer, who will be pursuing other opportunities. Nxu has appointed Sarah Wyant,
its current Vice President of Finance, as Interim Chief Financial Officer. Dwivedi will continue to support the company in an advisory
capacity as needed through the first quarter of 2024.
“Nxu has built a strong bench of talent on the finance team, with deep experience in public company
operations and capital markets expertise. Sarah has been critical to building out financial rigor within Nxu since she joined us earlier
this year, and she has a strong understanding of our business strategy and long-term plans,” said Mark Hanchett, Chairman and CEO
at Nxu. “I’m confident in her leadership and look forward to continue advancing Nxu’s mission alongside her.”
“I am sincerely grateful for the opportunity to have been part of this incredible journey, working alongside a dedicated team and witnessing the growth of our company,” said Dwivedi. “As I continue to partner with Sarah and her team on this seamless transition throughout the first quarter of next year, I am confident in the future of Nxu. The company boasts a remarkable product that addresses a critical gap in the electrification industry, contributing to the sustainable future of transportation. With a clear, strategic path forward, I have full confidence in the talented team that will continue to drive Nxu toward even greater success.” "First, I want to thank Apoorv for his leadership and vote of confidence as we enter this transition. Building on the strong foundation of continuous improvement and collaboration I worked to establish in our internal financial operations, we will continue to create value for our shareholders, capitalizing on the momentum Nxu has generated in recent months," said Wyant. "With our impressive financial team helping to lead the way, we have an exciting future ahead and I'm proud to be in the position to contribute so significantly during this time." Wyant joined Nxu in May of 2023 and has driven critical process creation and improvement across FP&A, tax, audit, accounting, stock-based compensation, and procurement functions.
Wyant brings almost 20 years of experience in corporate accounting and finance, cross-functional team leadership, and business strategy to Nxu. Prior to joining Nxu, she served as Associate Director of Accounting and Financial Planning & Analysis for Carvana, a publicly traded Fortune 500 automotive e-commerce company. At Carvana, Wyant worked to build the corporate accounting function from the ground up, implementing processes and systems while hiring teams of strong contributors who believed in the organization’s business mission. She crafted the organization's financial strategy within its retail business function, where she oversaw the unit’s financial operations and drove enterprise-wide change with her tactical and progressive approach to achieving operational change and financial impact. Prior to her career at Carvana, Wyant worked in public practice as Audit Manager at Eide Bailly LLP in Phoenix and Audit Supervisor at BKD CPAs & Advisors in Denver. Wyant holds a CPA designation in both Arizona and Colorado.
About Nxu, Inc.
Nxu, Inc. is a domestic technology company leveraging its intellectual property and innovations to support e-Mobility and energy storage solutions. Driving the energy future, Nxu is developing an ecosystem of industry-leading grid level energy storage solutions, charging infrastructure and over-air cloud management – encompassed by Nxu’s seamless subscription-based models. For more information, visit www.nxuenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements regarding our future areas of focus and expectations for our business. These
forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties
that may cause results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements.
Such forward-looking statements include statements regarding, among other things, Nxu’s expectations about its long term growth
strategy, future growth trajectory, revenue and operations; Nxu’s technology and alignment with broader trends in the EV market;
opportunities presented by electrification; beliefs about the general strength, weakness or health of Nxu’s business; and beliefs
about current or future trends in EV battery materials or other markets and the impact of these trends on Nxu’s business. A detailed
discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission
(SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading “Risk Factors.” Copies
of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at www.nxuenergy.com.
All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to
update these forward-looking statements in light of new information or future events.
CONTACT:
Media Contact
info@nxuenergy.com
Investor Contact
Investors@nxuenergy.com