Nxu and Verde Bioresins Announce Proposed Merger

Nxu and Verde Bioresins Announce Proposed Merger

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WilmerHale advised Verde Bioresins, Inc., a full-service Los Angeles-based bioplastics product company, in connection with its announced proposed merger with Nxu Inc. (Nasdaq: NXU), a Phoenix based company providing energy storage solutions, in a transaction implying a post-closing enterprise value of approximately $323 million. Verde’s existing equity holders will own approximately 95% of the post-closing entity. The signing occurred on October 23, 2024, and the transaction is anticipated to close later this year or in early 2025. Upon closing of the merger, the combined company is expected to be renamed “Verde Bioresins, Corp.” and list its common stock on Nasdaq under the new ticker symbol “VRDE.”

The WilmerHale team advising Verde consists of Daniel Zimmermann, Michael Gilligan, Dimitry Lensky and Sharon Baek on M&A matters; Glenn Pollner, Victoria Peluso, Michaela Rosen and Justin Flaumenhaft on capital markets matters; Ciara Baker, Julie Hogan Rodgers and Simona Altshuler on executive compensation and tax-related matters; and Scott Kilgore on employment matters.

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