MESA, AZ — Atlis Motor Vehicles has gained shareholder approval to rebrand to Nxu Inc. in a move to restructure its business to focus on electric vehicle batteries and charging systems, the company announced on Thursday.
The Mesa electric vehicle technology company will begin trading on Nasdaq under the ticker symbol “NXUI” on May 12. In addition, Atlis (Nasdaq: AMV) will become a subsidiary of a newly formed Delaware corporation, Nxu Inc.
At a shareholders meeting held May 9, investors holding 99% of voting shares were in favor of Atlis’ proposal to restructure the company and change its name. Outstanding shares of Atlis Class A and Class D common stocks will automatically convert into shares of Nxu Class A and Nxu Class B common stocks, respectively.
In addition, Nxu gained shareholder approval to adopt an employee stock incentive plan.
