Chijet Motor raises $15 million in registered direct offering

Chijet Motor Company, Inc. (NASDAQ: CJET) completed a $15 million registered direct offering through the sale of 100 million Class A ordinary shares at $0.15 per share, according to a press release statement.

The automobile company, which focuses on electric vehicles and traditional-fuel vehicles, sold the shares to investors under a securities purchase agreement. The offering also included pre-funded warrants as an alternative to shares, priced identically at $0.15 minus the $0.003 exercise price.

Univest Securities LLC served as the sole placement agent for the transaction. The offering was conducted under a shelf registration statement on Form F-3 that the Securities and Exchange Commission declared effective on August 16, 2024.

Chijet operates manufacturing facilities in Jilin, China, with a factory in Yantai, China dedicated to new energy vehicle production upon completion of construction. The company develops, manufactures, sells and services both traditional fuel vehicles and new energy vehicles.

The registered direct offering allows companies to sell securities directly to investors without a traditional underwriting process, typically completed more quickly than public offerings.

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