NWTN Announces Agreement to Acquire Strategic Stake in Evergrande New Energy Auto
Summary
The proposed transaction is expected to close in Q4 2023, subject to customary and other closing conditions, including but not limited to the effectiveness of the debt restructuring of the Evergrande Group, confirmation of a debt repayment plan by certain creditor of EVGRF, and receipt of applicable regulatory and shareholder approvals.As a pioneering mobility and green energy company based in Dubai, UAE, NWTN has a full vehicle assembly facility in Abu Dhabi. EVGRF possesses leading technological capabilities in chassis architecture, powertrain, intelligent networking, and other EV areas. According to the Companys research, the UAE EV market is expected to grow at an annual rate of more than 25% over the next 5 years.NWTN is a pioneering green energy company dedicated to providing passenger-focused, premium electric vehicle products and green energy solutions to customers worldwide.Headquartered in Dubai, United Arab Emirates (UAE), NWTN has a full vehicle assembly facility in Abu Dhabi.NWTN is committed to the future of mobility solutions that integrate pioneering design, personalized lifestyles, Internet of Everything (IoT), autonomous driving technology and the eco-system of green energy.In addition to the offering of new energy vehicles, NWTN is exploring opportunities in the entire clean energy value chain, including photovoltaics, green hydrogen power and energy storage in the UAE, the Middle East, North Africa, China, other Asian countries, and Europe.For further information, please visit: https://www.nwtnmotors.com.This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," believe," "estimate" and "continue" or similar words. Actual results (including, without limitation, with respect to the expected benefits from the proposed transaction, the ability of the parties to successfully or timely consummate the proposed transaction, matters discovered by NWTN as it completes its due diligence of EVGRF and the ability of EVGRF to maintain the listing of its ordinary shares on the Hong Kong Stock Exchange) may differ significantly from those set forth or implied in the forward-looking statements.