Chijet Motor closes $20 million private placement with non-U.S. investors

NEW YORK - Chijet Motor Company, Inc. (NASDAQ:CJET), currently trading at $0.17 and down over 90% year-to-date according to InvestingPro data, announced Monday the completion of its previously disclosed $20 million private placement offering with non-U.S. institutional investors.

The transaction involved units consisting of ordinary shares priced at $0.15 each and accompanying warrants. Each unit included one ordinary share and three warrants, with each warrant exercisable to purchase one ordinary share at $0.18. The warrants have a three-year term from issuance and may be exercised on a cashless basis under certain circumstances.

The offering was conducted under exemptions from Securities Act registration requirements, including Section 4(a)(2) and Regulation S.

Chijet Motor focuses on developing, manufacturing, and selling both traditional fuel vehicles and new energy vehicles (NEVs). The company operates a vehicle production facility in Jilin, China, and is constructing a factory in Yantai, China, that will be dedicated to NEV production upon completion.

The company is led by industry veterans with experience in engineering, design, management, industrial production, and financial operations, according to the press release statement.

In other recent news, Chijet Motor Company, Inc. has been active with multiple financial developments. The company successfully closed a $15 million registered direct offering, selling 100 million Class A ordinary shares at $0.15 per share. This offering was facilitated by Univest Securities, LLC. Additionally, Chijet Motor announced a significant expansion of its private placement commitment, securing up to $1 billion from institutional investors. This marks a substantial increase from its previously announced $20 million private placement. The funds from this expanded commitment are intended to support Chijet’s strategic shift towards digital asset custody and storage solutions. Earlier, Chijet had also announced a $20 million private placement offering with non-U.S. institutional investors, priced at $0.15 per share, including warrants exercisable at $0.18 per share. These developments reflect Chijet’s aggressive financial strategies and its focus on new business initiatives.

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