Nxu, Inc. (NasdaqCM:NXU) announced an intention to evaluate strategic alternatives. Nxu?s Board of Directors? Strategic Planning Committee will lead the evaluation, with outside assistance from advisors, and has identified targets for a business combination intended to position the newly combined company for sustainable long-term value creation with a strengthened financial profile.

Nxu is in discussions with several prospective targets, but there can be no assurances given regarding the outcome or timing of the strategic evaluation process. In anticipation of a combination, Nxu has reduced its headcount significantly across Product, Engineering, Manufacturing, and G&A functions. Additionally, Nxu is undertaking numerous cost-saving measures to decrease operating expenses through consolidation of vendors and product programs. The Company believes these measures will position Nxu to see materially reduced operating expenses.

?We believe a strategic combination to build the value of Nxu benefits all shareholders,? said Nxu Chief Executive Officer, Chairman, and Founder Mark Hanchett. ?As major shareholders, our executive team is committed to completing a deal to create increased value for all shareholders".