Atlis Motor Vehicles to Host Special Shareholder Meeting; Seeks Approval of Holding Company Restructuring and Omnibus Incentive Plan

MESA, Ariz., May 04, 2023 (GLOBE NEWSWIRE) -- Atlis Motor Vehicles, Inc. (NASDAQ:AMV), a US-owned technology company manufacturing innovative battery cells and battery packs for use in advanced energy storage systems, megawatt charging stations, and mobility products, will host a special shareholder meeting on Tuesday, May 9, 2023, at 8 am PT/11 am ET.

In the meeting, Atlis will seek shareholder approval on restructuring the company to a holding company with Nxu, Inc (pronounced: "new") as the surviving publicly traded entity. Upon approval, Atlis will become a subsidiary under Nxu. The company also seeks approval of a new omnibus incentive plan. 

AMV stockholders can attend the special meeting online and vote electronically with the control number found on a previously mailed proxy card. To attend the meeting, vote, and submit questions, visit: www.virtualshareholdermeeting.com/AMV2023SM. For more information, visit the Nxu Investor's FAQ page: https://nxuenergy.com/investors/faq. 

About Nxu, Inc.

Nxu, Inc. is a vertically integrated technology company leveraging its intellectual properties and U.S.-manufactured battery innovations to support e-Mobility and energy storage solutions.

The Nxu Ecosystem will consist of industry leading Battery Cell and Pack technologies, Grid Level Energy Storage Solutions, Charging Infrastructure, Platform and Medium-Duty Electric Mobility Solutions, and Over-Air Cloud Management – all wrapped in Nxu's seamless subscription-based models. For more information, visit www.nxuenergy.com.

Forward-Looking Safe Harbor Statement

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the offering, sale of securities, our ability to complete the offering and our intended use of proceeds. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management. These forward-looking statements are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Atlis and Atlis management. These forward-looking statements are subject to a number of risks and uncertainties, including all of the risk factors stated under the heading "Risk Factors" in the most recently filed Registration Statement, as well as other documents Atlis has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Atlis's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Atlis does not currently know or that Atlis currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Atlis's expectations, plans or forecasts of future events and views as of the date of this communication. Atlis anticipates that subsequent events and developments will cause Atlis's assessments to change. However, while Atlis may elect to update these forward-looking statements at some point in the future, Atlis specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Atlis's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

CONTACT:

Mary Trout

Nxu, Inc.

[email protected]