Chijet Motor completes $20 million private placement offering

Chijet Motor Company Inc. (NASDAQ: CJET) closed a private placement offering that raised $20.0 million in gross proceeds, the company announced.

The offering involved non-U.S. institutional investors and consisted of units priced at $0.15 per ordinary share. Each unit included one ordinary share with a par value of $0.003 and three warrants. The warrants carry an exercise price of $0.18 per share and remain exercisable for three years from the issuance date. Under certain circumstances, the warrants may be exercised on a cashless basis.

The offering was conducted under exemptions from Securities Act registration requirements, including Section 4(a)(2) and Regulation S.

Chijet develops, manufactures and sells traditional fuel vehicles and new energy vehicles. The company operates a production facility in Jilin, China, and has plans for a factory in Yantai, China dedicated to new energy vehicle production upon construction completion.

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