Cenntro Electric Group Limited Announces Imminent Implementation Of The Scheme Of Arrangement To Which Cenntro Will Redomicile From Australia To The U.S., And Under Which Cenntro Will Become A Subsidiary Of Cenntro Inc.
Portfolio Pulse from Benzinga Newsdesk
Cenntro Electric Group Limited (NASDAQ:CENN) is set to redomicile from Australia to the U.S., becoming a subsidiary of Cenntro Inc., a Nevada corporation. The scheme of arrangement will be implemented on February 27, 2024, allowing Cenntro's ordinary shares to be exchanged for HoldCo's common stock on a 1:1 basis without affecting their Nasdaq trading under the ticker 'CENN'. The CUSIP number will change to HoldCo's on the implementation date. Eligible shareholders as of February 22, 2024, will receive HoldCo shares, with shareholdings statements starting February 29, 2024.
February 26, 2024 | 5:03 pm
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Cenntro Electric Group Limited's redomiciliation to the U.S. and becoming a subsidiary of Cenntro Inc. will not affect its Nasdaq trading under the ticker 'CENN'. The CUSIP number change and share exchange process are well-organized, indicating a smooth transition for shareholders.
The redomiciliation of Cenntro to the U.S. and its transition to a subsidiary of Cenntro Inc. is a significant corporate action that is likely to be viewed positively by the market. The seamless process of exchanging shares and maintaining the same ticker symbol on Nasdaq suggests minimal disruption for investors, potentially leading to positive sentiment in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100