Chijet Motor Company Announces Private Placement Offering of Up to $20.0 Million

Core Points - Chijet Motor Company has entered into securities purchase agreements for a private placement offering of units, aiming for gross proceeds of up to $20.0 million [1] - Each unit consists of one ordinary share priced at $0.15 and three warrants, each exercisable at $0.18 per share [2] - The warrants are exercisable for three years from issuance and may be exercised on a cashless basis under certain conditions [2] Company Overview - Chijet Motor Company focuses on the development, manufacture, sales, and service of traditional fuel vehicles and new energy vehicles (NEVs) [5] - The company has advanced manufacturing systems and stable supply chain management, allowing it to offer high-performance products at reasonable prices [5] - Chijet operates a large modern vehicle production base in Jilin, China, and is constructing a factory in Yantai, China, dedicated to NEV production [5] - The management team comprises industry veterans with extensive experience in various fields including engineering, design, management, and financial management [5]