Cenntro Electric Group (CENN) Announces CFO Resignation

On March 1, 2024, Edmond Cheng, the chief financial officer (“CFO”) of Cenntro Electric Group (NASDAQ: CENN), notified the Board of Directors of the Company (the “Board”) of his intention not to renew his employment agreement with the Company and his service as CFO to the Company ended March 1, 2024. Mr. Cheng’s decision was not the result of any disagreement between Mr. Cheng and the Company on any matters relating to the Company’s operations, policies or practices. Mr. Cheng will continue to provide advisory services to the Company until March 31, 2024.

Additionally, on March 1, 2024, the Board appointed Edward Ye, the corporate controller of the Company to serve as the Company’s acting CFO with annual compensation of US$91,555 to fill the vacancy created by Mr. Cheng effective as of March 1, 2024.

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