Chijet Motor Company Reports $40M Acquisition of Too Express Group – February 2025 Insights

Here are the key insights extracted from the financial report:

1. Company Overview:

• Name: Chijet Motor Company, Inc.
• Commission File Number: 001-41712
• Principal Office Address: No. 8, Beijing South Road Economic & Technological Development Zone, Yantai, Shandong, CN-37 264006, People's Republic of China.

2. Reporting Period:

• The report is filed for the month of February 2025.

3. Material Definitive Agreement:

• Date of Agreement: February 21, 2025.
• Parties Involved: Chijet Motor Company, Inc. and Too Express Group Inc. (a Delaware corporation).
• Transaction Details:
• • Chijet will acquire 80% equity interest in Too Express.
  • The purchase price is $40,000,000, to be paid in 23,255,814 Class A ordinary shares (valued at $1.72 per share based on the 20-day average closing price prior to the agreement).
• Due Diligence: Chijet may conduct further due diligence and has the right to terminate the agreement if results are unsatisfactory before March 6, 2025.
• Expected Closing: The transaction is expected to close in the first half of 2025, subject to customary closing conditions.

4. Exhibit Reference:

• The complete stock purchase agreement is filed as Exhibit 4.1.

5. Signatory Information:

• The report is signed by Mu Hongwei, President and Chief Executive Officer of Chijet Motor Company, Inc., on February 24, 2025.

This information highlights a significant acquisition that could potentially impact Chijet Motor Company's future operations and financial standing, depending on the successful completion of the transaction and the outcome of the due diligence process.