Deal to sell EV shares to China Evergrande was terminated

 Deal to sell EV shares to China Evergrande was terminated

Deal to sell EV shares to China Evergrande was terminated

According to Evergrande New Energy Vehicle, the share subscription as well as debt conversion subscription agreement signed into by NWTN is no longer legitimate since neither side agreed to prolong the lengthy stop date, which is the final day of 2023.

According to a Hong Kong Stock Exchange filing on January 1, a share sale arrangement between US-listed NWTN and China Evergrande New Energy Vehicle Group, the electric vehicle arm of property developer China Evergrande, has been completed.

According to Evergrande New Energy Vehicle, the share subscription as well as debt conversion subscription agreement signed into by NWTN is no longer legitimate since neither side agreed to prolong the lengthy stop date, which is the final day of 2023.

The electric car subsidiary announced in August that it had reached an agreement to transfer 6.18 billion new shares for HK$3.89 billion ($498.2 million) to the Dubai-based mobility business NWTN.

$7.8086 Hong Kong dollars equal to $1