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NEW YORK, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Chijet Motor Company, Inc. (NASDAQ: CJET) (the “Company”), a high-tech enterprise engaged in the development, manufacture, sales, and service of traditional fuel vehicles and new energy vehicles (“NEV”), today announced that it is in the process of issuing a total of 640,850 ordinary shares of par value US$0.003 (the “Ordinary Shares”) to the holders of contingent value rights (“CVRs”) on record as of September 13, 2024 (the “Qualifying CVR Holders”) pro rata, based on their respective number of CVRs held. The record date for the Qualifying CVR Holders to receive such shares shall be September 13, 2024.
As certain earnout milestones provided in the Business Combination Agreement (the “BCA”) entered into by the Company on October 25, 2022, were not achieved for the calendar year ended December 31, 2023, two shareholders of the Company, Euroamer Kaiwan Technology Company Limited and Chijet Holdings Limited, surrendered a total of 640,850 Ordinary Shares (the “Earnout Shares”) to the Company for cancellation. Pursuant to the BCA, the Company shall issue the same number of Ordinary Shares as the Earnout Shares to be allocated among the Qualifying CVR Holders pro rata, based on their respective number of CVRs held. The total number of issued and outstanding CVRs is 1,300,706. Therefore, each CVR is entitled to 0.492694 Ordinary Shares.
A Qualifying CVR Holder who would otherwise be entitled to a fraction of an Ordinary Share (after aggregating all factional ordinary shares that would otherwise be received by such person) shall instead have the number of Ordinary Shares issued to such person rounded down in the aggregate to the nearest whole Ordinary Share.
About Chijet Motor Company, Inc.
The primary business of Chijet is the development, manufacture, sales, and service of traditional fuel vehicles and NEVs. State-of-the-art manufacturing systems and stable supply chain management enable the Company to provide consumers with products of high performance at reasonable prices. In addition to its large modern vehicle production base in Jilin, China, a factory in Yantai, China will be dedicated to NEV production upon completion of its construction. Chijet has a management team of industry veterans with decades of experience in engineering and design, management, financing, industrial production, and financial management. For additional information about Chijet, please visit www.chijetmotors.com.
Chijet Contact:
2888 Donshan Street
Gaoxin Automobile Industrial Park
Jilin City, JL. P.R.China
400-606-8888
EMAIL: info@chijetmotors.com