FREEHOLD, N.J. - Cenntro Electric Group Limited (NASDAQ: CENN), an electric vehicle technology company specializing in electric commercial vehicles, announced the completion of its redomiciliation process from Australia to the United States.
The transition will take place February 27, 2024, as part of a scheme of arrangement, resulting in Cenntro becoming a subsidiary of a newly formed Nevada corporation, Cenntro Inc.
The company's ordinary shares will be exchanged for shares of common stock of Cenntro Inc. on a one-to-one basis. This change is set to occur without impacting the trading of Cenntro's shares on Nasdaq, where they will continue to be listed under the ticker symbol "CENN".
A new CUSIP number, 150964104, will be assigned to the common stock of the new holding company, replacing the previous Cenntro CUSIP number, Q6519V120.
To facilitate the transition, Cenntro has submitted a corporate action form to Nasdaq, which has been approved, allowing the exchange of shares to take effect from the close of trading one day prior to the implementation date.
The listing of Cenntro's common stock is expected to transfer seamlessly to Cenntro Inc., with trading under the new structure commencing from the start of trading on the implementation date.
Cenntro Electric Group, known for its range of electric commercial vehicles from class 1 to class 4 trucks, has been focusing on expanding its global supply chain and manufacturing, distribution, and service capabilities. The company emphasizes the continuous development of its product offerings, integrating advanced battery, powertrain, and smart driving technologies.
This news release contains forward-looking statements regarding Cenntro's future business plans, including its assembly and distribution capabilities and technological advancements. These statements are subject to risks and uncertainties that could cause actual results to differ from those projected.
The information in this article is based on a press release statement issued by Cenntro Electric Group Limited.
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