Chijet Motor raises $300 million in cryptocurrency private placement

Chijet Motor Company Inc. (NASDAQ: CJET) closed a private placement offering that raised gross proceeds equivalent to $300 million in cryptocurrency, the company announced.

The offering was conducted with select non-U.S. institutional investors. Each unit sold consisted of one ordinary share priced at the equivalent of $0.10 per share in cryptocurrency and three warrants. The warrants allow the purchase of one ordinary share at an exercise price equivalent to $0.12 per share in cryptocurrency.

The warrants are exercisable for three years from the date of issuance and may be exercised on a cashless basis under certain conditions specified in the offering documents.

"This significant investment in cryptocurrency reflects strong confidence from our investors in Chijet's strategic vision and operational capabilities," said Melissa Chen, chief executive officer of Chijet. "The proceeds provide substantial financial flexibility to advance our secure crypto custody infrastructure and pursue strategic acquisitions within the rapidly evolving digital asset storage ecosystem."

The company stated that the cryptocurrency proceeds will be held in secure custody according to industry standards to ensure asset protection and regulatory compliance. The offering was conducted under exemptions from Securities Act of 1933 registration requirements, including Section 4(a)(2) and Regulation S.

Chijet Motor Company develops, manufactures, sells and services traditional fuel vehicles and new energy vehicles. The company operates a manufacturing base in Jilin, China, and is constructing a factory in Yantai, China dedicated to new energy vehicle production.

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