Cenntro Electric Group Announces Adjourned Second Court Hearing On Friday, February 16, 2024 at 9:15am And Revised Scheme Timetable
Portfolio Pulse from Benzinga Newsdesk
Cenntro Electric Group Limited (NASDAQ:CENN) has announced the adjournment of its second court hearing for the scheme of arrangement to re-domicile from Australia to the U.S. The hearing is now scheduled for February 16, 2024. This adjournment allows Cenntro to prepare further evidence regarding shareholder voting on the scheme. The scheme, subject to court approval, aims for Cenntro to become a subsidiary of Cenntro Inc., incorporated in Nevada. The updated timetable indicates the scheme's implementation by February 27, 2024.
February 14, 2024 | 9:55 pm
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Cenntro Electric Group's court hearing for its re-domiciliation scheme has been adjourned to February 16, 2024, with the scheme's implementation expected by February 27, 2024. This move could potentially streamline operations and enhance shareholder value.
The adjournment provides Cenntro additional time to prepare evidence, indicating a strong commitment to the re-domiciliation scheme. This strategic move to become a subsidiary of a U.S.-based corporation could streamline operations, potentially leading to operational efficiencies and enhanced market positioning in the electric vehicle sector. The anticipation of court approval and subsequent implementation of the scheme could positively influence investor sentiment and stock price in the short term.
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