Special Meeting of Shareholders to be Held
January 24, 2024 at 4:00pm EST
Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the
Company”), a leading EV technology company with advanced,
market-validated electric commercial vehicles, today reminds
shareholders their vote is important to ensure Cenntro successfully
redomiciles from Australia to the United States (the “Scheme”) and
Cenntro encourages all shareholders to vote their shares in favor
of the proposed Scheme resolution at the special meeting of
shareholders on January 24, 2024 at 4:00pm (Eastern Standard Time
("EST")).
On December 14, 2023 (Australian Eastern Standard time (“AEST”))
the Supreme Court of New South Wales, Australia (the “Court”) made
the following orders at the first court hearing (the “First Court
Hearing”) in relation to the proposed Scheme to be undertaken by
the Company in accordance with the requirements of the Australian
Corporations Act 2001 (Cth) in relation to which Cenntro will
redomicile from Australia to the United States, and under which
Cenntro will become a wholly owned subsidiary of Cenntro Inc., a
new U.S. company incorporated in accordance with the laws of Nevada
(“HoldCo”) for the purpose of effecting the Scheme, Cenntro
will:
- convene and hold a special meeting of its shareholders to
consider and vote on the Scheme (the “Scheme Meeting”); and
- distribute the explanatory statement containing information
about the Scheme, including the notice convening the Scheme Meeting
(the “Scheme Booklet”), to ordinary shareholders of Cenntro (the
“Cenntro Shareholders” and each ordinary shareholder of Cenntro a
“Cenntro Shareholder”).
Details of Scheme Meeting
The Scheme Meeting will be held at 4:00pm (US Eastern Standard
Time) (“EST”) on Wednesday, January 24, 2024, (being 5:00am (China
Standard Time) (“CST”)) on Thursday, January 25, 2024 and 8:00am
(Australian Eastern Standard Time) (“AEST”) on Thursday, January
25, 2024 at the offices of Cenntro at 323A Fairfield Road, Unit 10,
Freehold, New Jersey, 07728 and online at
www.virtualshareholdermeeting.com/CENN2023SM.
Cenntro Shareholders will be entitled to attend and vote at the
Scheme Meeting if they are registered as a Cenntro Shareholder as
at 3:00am (EST) on Tuesday, January 23, 2024 (being 4:00pm (CST) on
Tuesday, January 23, 2024 and 7:00pm (AEST) on Tuesday, January 23,
2024), subject to any applicable voting exclusion set out in the
notice of Scheme Meeting which accompanies the Scheme Booklet.
All Cenntro Shareholders are encouraged to vote at the Scheme
Meeting in person, online or by attorney or corporate
representative, or alternatively by completing and ensuring the
proxy form accompanying the Scheme Booklet is received before
4:00pm (EST) on Monday, January 22, 2024 at 4:00pm (EST) (being
5:00am (CST) on Tuesday, January 23, 2024 and 8:00am (AEST) on
Tuesday, January 23, 2024), being 48 hours before the Scheme
Meeting.
Scheme Booklet
Cenntro confirms that the Scheme Booklet was registered with the
Australian Securities and Investments Commission on 14 December
2023 (AEST). A copy of the Scheme Booklet is contained within the
Definitive Proxy Statement on Schedule 14A filed on December 15,
2023 and is available online at www.cenntroauto.com. A copy of the
proxy form that will be sent to Cenntro Shareholders is appended to
the Proxy Statement on Schedule 14A filed on December 15, 2023.
The Scheme Booklet will be sent to Cenntro Shareholders who have
requested a hard copy on or before Friday, December 15, 2023.
Cenntro Shareholders who have elected to receive shareholder
communications electronically will receive an email containing a
link to an online portal where they may access the Scheme Booklet
and a personalized proxy form. Cenntro Shareholders who have
elected to receive shareholder communications by post will receive
a printed copy of the Scheme Booklet and a personalized proxy form.
Cenntro Shareholders who have not made an election regarding how
they wish to receive shareholder communications will receive by
post a notice card containing a link to an online portal where they
can access the Scheme Booklet and a printed personalized proxy
form.
Cenntro Shareholders should read the Scheme Booklet in its
entirety before making a decision on whether or not to vote in
favor of the Scheme.
Independent Expert's Report
The Scheme Booklet includes a copy of the independent expert’s
report prepared by Lonergan Edwards & Associates Limited (the
"Independent Expert"). The Independent Expert concluded the Scheme
is in the best interests of Cenntro Shareholders, in the absence of
a superior proposal. The Independent Expert’s conclusion should be
read together in context with the full Independent Expert’s report
and the Scheme Booklet.
Cenntro board recommendation
The board of directors of Cenntro unanimously recommend Cenntro
Shareholders vote in favor of the Scheme, and each director of the
Company intends to vote all of their shares of the Company in favor
of the Scheme, in each case, in the absence of a superior proposal
and subject to the Independent Expert continuing to conclude that
the Scheme is in the best interests of Cenntro Shareholders.
Notice regarding Second Court Hearing to approve the
Scheme
On the basis that the resolution to approve the Scheme is passed
by Cenntro Shareholders at the Scheme Meeting, the date of the
hearing of the application to the Court to approve the Scheme is
scheduled for 9:15am (AEST) on Thursday, February 1, 2024 (the
"Second Court Hearing").
The Second Court Hearing will be held in the Court in Australia
at Queens Square, 184 Phillip Street, Sydney, New South Wales,
Australia 2000. For further information about how to attend the
hearing please refer to the Court's website at
https://www.supremecourt.nsw.gov.au/.
Each Cenntro Shareholder has the right to appear and be heard at
the Second Court Hearing and may oppose the approval of the Scheme
at the Second Court Hearing. Each Cenntro Shareholder may oppose
approval of the Scheme by the Court at the Second Court Hearing by
filing with the Court, and serving on the Company, a notice of
appearance, in the prescribed form, together with any affidavit on
which that Cenntro Shareholder wishes to rely at the Second Court
Hearing. The notice of appearance and affidavit must be served on
the Company at its address for service at least one day before the
date of the Second Court Hearing.
The address for service is: c/o MinterEllison, Level 40,
Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000,
Attention: Anthony Sommer, MinterEllison, Tel: (02) 9921 4182. The
notice of appearance and affidavit must also be sent by email to
anthony.sommer@minterellison.com.
Further information
If any Cenntro Shareholder has questions in relation to the
Scheme Booklet or the Scheme, that Cenntro Shareholder should call
the shareholder information line at: 1300 918 436 (within
Australia), +1 866 682 6148 (within the U.S. Toll Free), +1 781 896
1223 (outside the U.S.) or +61 3 9415 4322 (outside Australia)
Monday to Friday between 8:30am to 5:00pm (AEST) and 9:00am to
5:00pm (EST).
About Cenntro Electric Group Ltd.
Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a
leading maker and provider of electric commercial vehicles
(“ECVs”). Cenntro's purpose-built ECVs are designed to serve a
variety of commercial applications inclusive of its line of class 1
to class 4 trucks. Cenntro is building a globalized supply-chain,
and manufacturing- distribution- and service-capabilities for its
innovative and reliable products. Cenntro continues to evolve its
products capabilities through advanced battery, powertrain, and
smart driving technologies. For more information, please visit
Cenntro's website at: www.cenntroauto.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts.
Such statements may be, but need not be, identified by words such
as "may,'' "believe,'' "anticipate,'' "could,'' "should,''
"intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,''
"expect(s),'' "estimate(s),''"project(s),'' "forecast(s)'',
"positioned,'' "approximately,'' "potential,'' "goal,''
"strategy,'' "outlook'' and similar expressions. Examples of
forward-looking statements include, among other things, statements
regarding assembly and distribution capabilities, decentralized
production, and fully digitalized autonomous driving solutions. All
such forward-looking statements are based on management's current
beliefs, expectations and assumptions, and are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from the results expressed or implied in this
communication. For additional risks and uncertainties that could
impact Cenntro’s forward-looking statements, please see disclosures
contained in Cenntro's public filings with the SEC, including the
"Risk Factors" in Cenntro's Annual Report on Form 10K/A filed with
the Securities and Exchange Commission on July 6, 2023 and which
may be viewed at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240117118817/en/
Investor Relations Contact: Chris Tyson MZ North America
CENN@mzgroup.us 949-491-8235
Company Contact: PR@cenntroauto.com
IR@cenntroauto.com
Cenntro (NASDAQ:CENN)
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