UAE investment firm to acquire $100 million stake in NWTN

DUBAI - NWTN Inc. (Nasdaq:NWTN), a UAE-based technology company with a current market capitalization of $608 million, announced Wednesday it has signed an agreement with SEET LLC to receive a $100 million investment in exchange for newly issued shares. The company’s stock has shown significant momentum, gaining over 180% in the past six months, according to InvestingPro data.

SEET LLC, a subsidiary of UAE investment group Medad Holding, will become NWTN’s largest single shareholder upon completion of the transaction, according to a company press release.

The agreement includes plans for SEET and its affiliated companies to partner with NWTN on initiatives in urban mobility, AI, smart energy, and blockchain technology.

NWTN, which focuses on smart mobility, smart manufacturing, and smart contracts, stated the investment will strengthen its position in clean energy, mobility, and high-end manufacturing in the UAE.

"We are honoured to have SEET LLC as our largest strategic shareholder," said Benjamin Zhai, CEO of NWTN. "SEET and Medad Group’s other investments are highly complementary with NWTN’s strength in smart manufacturing and accessibility to global technology and talent."

Mohammed Alshaiba Almazrouei, COO of Medad Holding, described the investment as reflecting "our trust in NWTN’s strategy and capability" and marking the beginning of a long-term partnership.

Both companies stated the partnership aligns with the UAE’s national "We the UAE 2031" vision, particularly its "Forward Economy" initiative focused on developing strategic sectors.

NWTN is headquartered in the UAE and listed on the Nasdaq exchange. The company did not specify when the transaction is expected to close.

In other recent news, NWTN Inc. announced the appointment of Adrian Wong as Chief Financial Officer and John Xie as Chief Operating Officer, as part of its strategic transformation into a global smart technology platform. These appointments follow the earlier naming of Benjamin Zhai as Global CEO, signaling a significant leadership shift. In another development, NWTN has regained compliance with Nasdaq’s Periodic Filing Rule, allowing its securities to remain listed on the Nasdaq Capital Market. This follows the company’s submission of its overdue 2024 Annual Report, which had previously put it at risk of delisting. Additionally, NWTN has initiated the "NWTN AI Industrial Park" project in Abu Dhabi, which aims to establish a hub for AI manufacturing in the Middle East. The facility will support the company’s transition from solely producing new energy vehicles to becoming a comprehensive intelligent technology producer. NWTN’s new strategy includes localized smart manufacturing and aims to leverage regional trade advantages. These developments reflect NWTN’s ongoing efforts to expand its technological and operational capabilities.

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