Ademi LLP is investigating Nxu (NASDAQ: NXU) for possible breaches of fiduciary duty and other violations of law in its transaction with Verde.
In the transaction, pre-merger Nxu stockholders will own approximately only 5% of the combined company. The transaction agreement unreasonably limits competing transactions for Nxu by imposing a significant penalty if Nxu accepts a competing bid. Nxu insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Nxu’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.