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- Nxu (NASDAQ:NXU) said on Friday it plans to evaluate strategic alternatives.
- Shares of NXU jumped 37% in extended trading.
- NXU added that its board’s strategic planning committee will lead the evaluation, with outside assistance from advisors, and has identified targets for a business combination.
- The company said it was in discussions with several prospective targets.
- In anticipation of a combination, NXU said it had reduced its headcount significantly across Product, Engineering, Manufacturing, and G&A functions.
- NXU said it was undertaking numerous cost-saving measures to decrease operating expenses through consolidation of vendors and product programs.
- Press Release
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