Nxu Inc (NASDAQ: NXU) witnessed a significant decline in its stock price during the latest trading session, concluding with a substantial 25.25% decrease and a closing value of $0.1122. This downturn can be attributed to a series of insider selling transactions disclosed on Tuesday, where the entity’s 10% stakeholder chose to divest nearly 10% of their holdings in NXU stock.

In accordance with filings submitted to the Securities and Exchange Commission (SEC), GEM Global Yield LLC SCS, holding a 10% stake in NXU, executed the sale of 50,000 shares on Tuesday, each at a per-share price of $0.12, resulting in total proceeds of $5,870.

The reports further revealed that this 10% owner had previously offloaded an additional 250,000 shares of NXU earlier this month. Consequently, their current holding in NXU stands at 33.7 million shares, in contrast to the 44 million shares held at the outset of the month.

Nevertheless, in after-hours trading, NXU managed to recover 6.77% of its value, reaching a closing price of $0.1198. This recovery can be attributed to a press release highlighting NXU’s significant achievements in the current quarter.

Throughout Q3 2023, NXU reached several notable milestones that have significantly advanced its vision of establishing a viable electric mobility sector:

• NXU effectively reduced costs while maintaining a strong commitment to innovation.
• The company made strategic hires and made substantial technological advancements, culminating in the introduction of its first charging product.
• It successfully shipped electric vehicle subsystems to a client and launched its inaugural charging product, the Nxu One Megawatt+ Charging System, generating revenue for the first time in the company’s history.
• NXU has secured a contract to acquire land in Quartzsite, Arizona, for the establishment of the first megawatt+ charging station along a major highway corridor.

These remarkable accomplishments have bolstered NXU’s confidence, enabling them to build on the momentum initiated in Q3 as they strive to further fortify their position in Q4. NXU is committed to delivering an even greater volume of megawatt-hours to a growing base of electric vehicle customers who prioritize consistency, reliability, and convenience in their charging experience.

Moreover, NXU remains steadfast in its commitment to the ongoing development and expansion of its charging ecosystem, with a particular focus on advancing the megawatt+ charging location in Quartzsite, Arizona.

Despite encountering several challenges, NXU has successfully achieved key objectives, solidifying its position as a leading player in the development of a robust electric vehicle charging infrastructure. The response to its Nxu One Megawatt+ Charging System has been overwhelmingly positive, and NXU is applying the insights and innovations gained from this experience to their next deployment.

Public field trials of the Nxu One Megawatt+ Charging System are currently underway at the company’s Mesa facility. Users can easily create a Nxu One Charging profile, input payment information, and access the charging station located at 1828 N. Higley Road in Mesa, Arizona, which is available 24 hours a day, seven days a week. As of the present, the Nxu One Megawatt+ Charging System has already delivered in excess of 1.6 megawatt-hours to electric vehicle customers.