Why NXU Shares Are Down 30%

NXU Inc. NXU shares are trading lower by 33.6% to $0.22 after the company announced a $5 million public offering.

NXU has priced a public offering of 16,666,667 units at 30 cents each, comprising one Class A common stock share (or a pre-funded warrant) and one common warrant, exercisable for two Class A common stock shares at 30 cents per share.

The offering aims to generate approximately $5 million in gross proceeds.

The closing is anticipated on or about August 11, pending standard conditions. Proceeds will be allocated for general corporate purposes and working capital.

According to data from Benzinga Pro, NXU has a 52-week high of $243.99 and a 52-week low of $0.22.