Chijet Motor Company Shareholders Approve Reverse Stock Split at Annual Meeting

June 28, 2024 by No Comments

NEW YORK, June 28, 2024 — Chijet Motor Company, Inc. (NASDAQ: CJET), a leading technology company involved in the development, production, sales, and service of both traditional fuel vehicles and new energy vehicles (NEVs), has announced the completion of its annual shareholder meeting on June 28, 2024. During the meeting, shareholders approved the following resolutions: (1) a reverse stock split (referred to as a “share consolidation” under Cayman Islands law) whereby every 30 issued and unissued ordinary shares of the Company, with a par value of US$0.0001 per share, have been consolidated into 1 ordinary share of the Company, with a par value of US$ 0.003 per share; (2) an increase in the Company’s authorized share capital from US$50,000.00 divided into 16,666,667 authorized ordinary shares, with a par value of US$ 0.003 per share, to US$30,000,000.00 divided into 10,000,000,000 authorized ordinary shares, with a par value of US$0.003 per share; and (3) an amended and restated memorandum and articles of association of the Company reflecting the aforementioned clauses (1) and (2).

The Company also presented its financial performance for the fiscal year ended December 31, 2023, to its shareholders and provided an opportunity for them to engage with management in discussions about the Company’s affairs.

Chijet Contact:
2888 Donshan Street
Gaoxin Automobile Industrial Park
Jilin City, JL. P.R.China
400-606-8888
EMAIL: info@chijetmotors.com

Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835 x2
Email: info@skylineccg.com

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Chijet’s actual results may differ from its expectations, estimates, and projections, and therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might,” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding Chijet’s leadership team, Chijet’s continued growth and financial and operational improvements, along with those other risks described under the heading “Risk Factors” in the prospectus Chijet filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2023, and those that are included in any of Chijet’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Chijet and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chijet undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.