Chijet Motor Company Inc. Announces Issuance of Ordinary Shares to Holders of Contingent Value Rights

Core Points - Chijet Motor Company, Inc. is issuing 640,850 ordinary shares to holders of contingent value rights (CVRs) based on their holdings as of September 13, 2024 [1][2] - The issuance of shares is a result of two shareholders surrendering the same number of shares for cancellation due to unmet earnout milestones from the Business Combination Agreement [2] - Each CVR holder will receive approximately 0.492694 ordinary shares, with fractional shares rounded down to the nearest whole share [2][3] Company Overview - Chijet specializes in the development, manufacture, sales, and service of traditional fuel vehicles and new energy vehicles (NEVs) [4] - The company operates a large modern vehicle production base in Jilin, China, and is constructing a factory in Yantai, China, dedicated to NEV production [4] - Chijet's management team consists of industry veterans with extensive experience in various fields including engineering, design, and financial management [4]