v3.24.4
Convertible Notes and Warrant Liability (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Convertible Debt And Warrant Liability Abstract    
Schedule of Convertible Notes Estimated activity related to Nxu’s Convertible Notes during the six-month period ended September 30, 2024 were as follows (in thousands):
 

Nine Months
Ended
September 30,
2024

Balance at December 31, 2023

  

$

10

Convertible Notes issued during the period

  

 

—

Conversions

  

 

—

Payments

  

 

—

Change in fair value measurement

  

 

—

Convertible Notes liability at September 30, 2024

  

$

10
Activity related to the Company’s Convertible Notes during the years ended December 31, 2023 and 2022 were as follows (in thousands):
 

Years ended December 31,
   

2023

  

2022

Balance at the beginning of the year

  

$

10,911

 

  

$

—

Convertible Debt issued during the period

  

 

7,330

 

  

 

7,034

Conversions

  

 

(17,623

)

  

 

—

Payments

  

 

(2,367

)

  

 

—

Change in fair value measurement

  

 

1,759

 

  

 

3,877

Convertible Notes Liability at the end of the year

  

$

10

 

  

$

10,911
Schedule of Warrants Outstanding The following tables summarizes Nxu’s warrants outstanding as of September 30, 2024 and December 31, 2023:
 

First
Tranche

  

Purchase
Agreement
Amendment

  

Second
Tranche

  

Series B

  

August 2023

  

GEM
Warrants

December 31, 2023

  

1,543

  

3,587

  

6,281

  

33,605

  

62,223

  

2,270

Issued

  

—

  

—

  

—

  

—

  

—

  

—

Exercised

  

—

  

—

  

—

  

—

  

—

  

—

September 30, 2024

  

1,543

  

3,587

  

6,281

  

33,605

  

62,223

  

2,270
The following tables summarize the Company’s warrants outstanding as of December 31, 2023 and 2022:
 

First
Tranche

  

Purchase
Agreement
Amendment

  

Second
Tranche

  

Series A

  

Series B

  

August
2023

  

GEM
Warrants

December 31, 2021

  

—

  

—

  

—

  

—

 

  

—

 

  

—

 

  

—

Issued

  

1,543

  

—

  

—

  

—

 

  

—

 

  

—

 

  

—

Exercised

  

—

  

—

  

—

  

—

 

  

—

 

  

—

 

  

—

December 31, 2022

  

1,543

  

—

  

—

  

—

 

  

—

 

  

—

 

  

—

Issued

  

—

  

3,587

  

6,281

  

36,114

 

  

41,670

 

  

222,223

 

  

2,270

Exercised

  

—

  

—

  

—

  

(36,114

)

  

(8,065

)

  

—

 

  

—

Modified(1)

  

—

  

—

  

—

  

—

 

  

—

 

  

(160,000

)

  

—

December 31, 2023

  

1,543

  

3,587

  

6,281

  

—

 

  

33,605

 

  

62,223

 

  

2,270

(1)      During the year ended December 31, 2023, the Company and certain Investors of the August 2023 Warrants agreed to amend the terms of the original warrant agreements to remove the feature that precludes the warrants from being considered indexed to the Company’s own stock. As a result, these modified warrants were measured at fair value and reclassified to equity.
Schedule of Warrant Activity

Common Stock Warrants

  

Issue Date

  

Reset Date

  

Exercise
Price at
Issuance

  

Reset
Exercise
Price

First Tranche

  

11/3/2022

  

5/3/2023

  

$

2,250

 

  

$

88.65

Purchase Agreement Amendment

  

1/5/2023

  

6/5/2023

  

$

2,250

 

  

$

87.38

Second Tranche

  

1/27/2023

  

7/30/2023

  

$

2,250

 

  

$

103.68

Series A

  

2/21/2023

  

No Reset

  

$

—

 

  

 

N/A

Series B

  

2/21/2023

  

No Reset

  

$

234

​(1)

  

 

N/A

August 2023

  

8/11/2023

  

No Reset

  

$

45

​(2)

  

 

N/A

GEM Warrants

  

10/2/2023

  

No Reset

  

$

26.54

 

  

 

N/A

(1)      Excludes 4,800 of remaining warrants authorized to exercise for no consideration, as discussed below.

(2)      Excludes pre-funded warrants, as discussed below.

 As a result, these modified warrants were measured at fair value and reclassified to equity.

Common Stock Warrants

  

Issue Date

  

Reset Date

  

Exercise
Price at
Issuance

  

Reset
Exercise
Price

First Tranche

  

11/3/2022

  

5/3/2023

  

$

2,250

 

  

$

88.65

Purchase Agreement Amendment

  

1/5/2023

  

6/5/2023

  

$

2,250

 

  

$

87.38

Second Tranche

  

1/27/2023

  

7/30/2023

  

$

2,250

 

  

$

103.68

Series A

  

2/21/2023

  

No Reset

  

$

0

 

  

 

N/A

Series B

  

2/21/2023

  

No Reset

  

$

234

​(1)

  

 

N/A

August 2023

  

8/11/2023

  

No Reset

  

$

45

​(2)

  

 

N/A

GEM Warrants

  

10/2/2023

  

No Reset

  

$

26.54

 

  

 

N/A

(1)      Excludes 4,800 of remaining warrants authorized to exercise for no consideration, as discussed below.

(2)      Excludes pre-funded warrants, as discussed below.
Schedule of Warrant Liability Estimated activity related to Nxu’s warrants during the six-month period ended September 30, 2024 were as follows (in thousands):
 

September 30,
2024

Balance at December 31, 2023

  

$

55

 

Warrants issued during the period

  

 

—

 

Warrants exercised during the period

  

 

—

 

Change in fair value measurement

  

 

(49

)

Warrant liability at September 30, 2024

  

$

6

 
Activity related to the Company’s warrants during the years ended December 31, 2023 and 2022 were as follows (in thousands):
 

Years Ended December 31,
   

2023

  

2022

Balance at the beginning of the year

  

$

374

 

  

$

—

 

Liability Warrants issued during the period

  

 

13,446

 

  

 

1,966

 

Liability Warrants exercised during the period

  

 

(3,519

)

  

 

—

 

Liability Warrants modified to Equity Warrants

  

 

(222

)

  

 

—

 

Change in fair value measurement

  

 

(10,024

)

  

 

(1,592

)

Warrant Liability at the end of the year

  

$

55

 

  

$

374