According to Evergrande Automobile’s announcement, Newton Group’s strategic investment has been terminated, and the company’s previously proposed transactions and revision of the terms of the debt-for-equity swap have not made any further progress.
Evergrande Auto stated that it will not convene a general meeting of shareholders for approval, nor will it publish any content related to (including) special authorization, Newton Group share subscription agreement, proposed transactions, whitewash exemption, proposed amendments, debt swaps stock subscription agreement, offset agreement and debt-for-equity swap circular. The Company will no longer make further monthly announcements on the progress of the proposed transaction and debt-for-equity swap.
As the share subscription is no longer ongoing, the Subscriber is under no obligation under Rule 26 of the Takeovers Code to make an unconditional mandatory general offer for all issued shares that it and persons acting in concert with it do not already own or agree to acquire. The Company will not make applications to the Executive seeking its consent to special transactions.
On August 14, 2023, Evergrande Automobile issued an announcement announcing that it had received the first US$500 million strategic investment from Newton Group (Nadaq: NWTN), a listed company held by the UAE National Sovereign Fund, and another 6 The transitional funds of RMB 100 million will be received gradually starting from 5 working days after the announcement. All strategic investment funds will be used at Evergrande Automobile"s Tianjin factory to ensure the normal production of Hengchi 5 and the continuous mass production of Hengchi 6 and 7.
Editor: Wu Haotian