Nxu Inc. signs LOI for investment in Lynx Motors

Nxu, Inc. has signed a letter of intent, or LOI, outlining a strategic investment in Lynx Motors. As a strategic partner, Nxu intends to assist Lynx in leveraging Nxu’s vehicle and charging technology to more quickly scale its development of electrified products. Lynx is reimagining classic vehicles with a vision toward modernization and electrification, allowing owners to enjoy the original character and design of a classic car with modern amenities and powertrains. In addition to the strategic value, this transaction is a step toward the execution of Nxu’s Nasdaq compliance plan, which will increase Nxu’s shareholder equity and help to ensure that Nxu achieves and maintains Nasdaq’s listing standards. Additionally, Lynx Motors is working to electrify some of the most popular cars of all time and boasts a robust reservation list and projects to rapidly scale to gain significant revenue and prompt profitability. Lynx has already been successful converting premium-branded SUVs into vehicles with today’s conveniences and high-powered engine performance and is now turning this success to electrification.