FREEHOLD, N.J. - Cenntro Electric Group Limited (NASDAQ: CENN), an electric commercial vehicle manufacturer, has announced a special meeting of shareholders to vote on a proposed redomiciliation of the company from Australia to the United States. The meeting is set to take place on January 24, 2024, at Cenntro's New Jersey office and online.
The move, pending shareholder approval, would see Cenntro become a wholly-owned subsidiary of a new U.S. company incorporated in Nevada. This process is in line with the Australian Corporations Act 2001 requirements and follows the first court hearing orders by the Supreme Court of New South Wales on December 14, 2023.
Shareholders registered by January 23, 2024, are eligible to vote at the special meeting. The company has distributed a Scheme Booklet, which includes details of the meeting, an independent expert's report, and a proxy form for voting. The expert's report, prepared by Lonergan Edwards & Associates Limited, recommends the scheme as being in the best interests of the shareholders, barring a superior proposal.
The Cenntro board has unanimously endorsed the scheme, with each director intending to vote in favor, contingent upon the expert's continued support and absence of a better offer. If shareholders approve the scheme, a second court hearing for final approval will be held on February 1, 2024, in Sydney, Australia.
This information is based on a press release statement from Cenntro Electric Group Limited.
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