A Tempe-based electric vehicle charging company is a step closer to a new beginning with a biodegradable plastics pioneer.
Nxu Inc. shareholders on Feb. 11 overwhelmingly approved a proposed $323 million merger with Verde Bioresins Inc., paving a path forward for the company that struggled to generate revenue last year.
“The merger with Verde is an exciting opportunity for long-term value creation,” Mark Hanchett, founder and CEO of Nxu, said in a statement. “Verde’s PolyEarthylene resins are generating interest across the plastics market, and the potential for disruption is inspiring.”
The merger is expected to close in March, pending regulatory approval of the combined company’s listing of common stock on Nasdaq, according to a company release.
Nxu initially announced the merger agreement in October with Verde Biosresins, a plastics fabrication company headquartered in Santa Monica, California.
Upon closure of the merger, the combined company will become Verde Bioresins Corp. and list its stock on the Nasdaq stock exchange under the ticker symbol “VRDE."
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