Nxu (NASDAQ:NXU) stock is falling on Monday after the battery cells company reported insider selling of its shares.
A filing with the Securities and Exchange Commission (SEC) reveals that investor GEM Global Yield LLC SCS has sold some shares of the company’s stock. The sale included 253,694 shares sold for between $0.1174 and $0.0892 each. The transactions were spread across Oct. 11 through Oct. 13.
GEM Global Yield LLC SCS, a 10% shareholder in NXU stock, still continues to hold a hefty amount of shares even after the stock sales. Its ownership afterward includes 33,496,306 shares of the company’s stock.
NXU Stock Compliance
Also weighing on NXU stock is its lacking compliance with two Nasdaq listing standards. The company doesn’t meet the $2.5 million stockholders equity requirement or the minimum bid price of $1 per share to remain on the exchange.
Nxu plans to seek a stay of its delisting in order to adjust the problems the exchange has with it. The company notes it can fix the issues by issuing more shares of NXU stock, as well as with a reverse stock split.
NXU stock is seeing a decent amount of trading today, with some 1.2 million shares on the move. To put that in perspective, the company’s daily average trading volume is about 1.6 million shares. Also, NXY stock is down 2.3% as of Monday morning.
Investors seeking out even more of the most recent stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! That includes everything happening with shares of Sigma Additive Solutions (NASDAQ:SASI) stock, ContraFect (NASDAQ:CFRX) stock and MingZhu Logistics (NASDAQ:YGMZ) stock today. All of that info is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.