Why EV-Related Stock Nxu Is Down 40% Today

Nxu, Inc. NXU shares are trading lower by 40.3% to $0.041 Thursday morning after the company announced a public offering of 86 million shares of Class A common stock at a price of $0.035 per share.

The company expects to raise around $3 million from this offering, with the closing date set for October 23, pending standard closing conditions.

Maxim Group LLC is the sole placement agent for this offering.

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According to data from Benzinga Pro, NXU has a 52-week high of $19.37 and a 52-week low of $0.039.