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FREEHOLD, N.J. – Cenntro Electric Group Limited (NASDAQ:CENN), a notable player in the electric commercial vehicle market, has announced the finalization of its redomiciliation from Australia to the United States.
The strategic move is set to take effect tomorrow, February 27, 2024, as part of a scheme of arrangement that will see Cenntro becoming a subsidiary of Cenntro Inc., incorporated in Nevada.
The implementation of this scheme will result in the exchange of all issued ordinary shares of Cenntro for shares of common stock of Cenntro Inc. on a one-to-one basis. Notably, this change will not impact the trading of Cenntro’s shares on Nasdaq, which will continue under the ticker symbol “CENN”. The CUSIP number for Cenntro shares will, however, change to that of Cenntro Inc. on the implementation date.
Eligible shareholders of Cenntro as of 7:00pm on February 22, 2024, will be issued new shares in Cenntro Inc. to replace their existing shares in the company. Shareholding statements are expected to be dispatched starting February 29, 2024, to confirm the settlement and issue of the new common stock.
Cenntro has coordinated with Nasdaq to ensure a seamless transition of the listing from Cenntro to Cenntro Inc., with trading expected to commence from the start of trade on the implementation date.
Cenntro Electric Group specializes in the production of electric commercial vehicles, ranging from class 1 to class 4 trucks. The company is focused on expanding its global supply chain and manufacturing capabilities, as well as advancing its battery, powertrain, and smart driving technologies.
This news is based on a press release statement and does not include forward-looking statements or speculative content. For further details on risks and uncertainties that could affect the company’s future performance, interested parties can refer to Cenntro’s filings with the SEC.
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