Chijet Motor Company Inc. Announces Issuance of Ordinary Shares to Holders of Contingent Value Rights
Chijet Motor Company, Inc. (CJET)
Company Research
Source: GlobeNewswire
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 O
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