Cenntro Electric Group Limited - CENN STOCK NEWS

Cenntro Electric Group Limited (NASDAQ: CENN) has delivered over 250 autonomous delivery vehicles to Zelos (Suzhou) Technology Co., Ltd. in China. The vehicles, powered by Cenntro’s iChassis technology and platform, are equipped with autonomous driving software developed by Zelos, allowing them to navigate traffic in real time and meet the demands of urban delivery.

Cenntro Electric Group Limited (NASDAQ: CENN) has announced a 1-for-10 reverse stock split to regain compliance with the Nasdaq Listing Rule 5550(a)(2). The reverse stock split will reduce the number of outstanding shares from approximately 304,449,091 to approximately 30,444,910 shares, plus any shares to be issued in exchange for fractional interests. The new CUSIP number for the common stock following the reverse stock split will be Q6519V146. The reverse stock split will not alter any stockholder’s percentage of ownership interest in the Company, except to the extent that it results in fractional shares. All options, warrants, shares issuable upon conversion of the Company’s preferred stock, and stock awards will be adjusted in accordance with their terms. The Company’s transfer agent, Continental Stock Transfer & Trust Company, will provide instructions to stockholders of record regarding the exchange of stock certificates, as applicable. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares and should direct any questions concerning the reverse stock split to their broker.

Cenntro Electric Group Limited (NASDAQ: CENN) has postponed the planned reverse split of its outstanding common stock due to pending confirmation of Depository Trust and Clearing Corporation ('DTCC') eligibility. The purpose of the reverse stock split is to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule 5550(a)(2) by December 18, 2023. The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 304,449,091 shares to approximately 30,444,910 shares, plus any shares to be issued in exchange for fractional interests. The new CUSIP number for the common stock following the reverse stock split will be Q6519V146.

Cenntro Electric Group Limited (NASDAQ: CENN) announced a 1-for-10 reverse stock split of its outstanding common stock to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule 5550(a)(2) by the December 18, 2023 deadline. The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 304,449,091 shares to approximately 30,444,910 shares. The Company's common stock will continue to trade under the symbol 'CENN'.

Cenntro Electric Group Limited (NASDAQ: CENN) announced a 175% increase in net revenue to $5.8 million in Q3 2023, driven by a 326% rise in vehicle sales. The average selling price increased by 15.7% to approximately $19.2 thousand, and the gross profit margin improved to 12.4% from a loss of -30.3%. The company's CEO highlighted the positive sales momentum and expansion of the vehicle lineup, with a focus on the US and European markets. The CFO emphasized the increase in net revenue, average selling price, and cash and cash equivalents, indicating cautious optimism for continued growth in Q4 2023.

Cenntro Electric Group Limited has appointed Stephen Markscheid as a new Independent Director and Benjamin Ge as Chairman of the Audit Committee. Markscheid is a corporate finance professional with 30+ years of experience and serves as an independent non-executive director of six publicly listed companies. Ge is an accomplished expert with extensive corporate finance and private equity experience.

Cenntro Electric Group intends to re-domicile from Australia to the U.S. through a scheme of arrangement. Cenntro will become a wholly owned subsidiary of HoldCo, and will be de-listed from Nasdaq while HoldCo applies for listing. The re-domiciliation aims to provide potential benefits such as pursuing corporate development, reducing risk, and aligning corporate structure with U.S. operations. The directors unanimously recommend Cenntro Shareholders to vote in favor of the Scheme. Implementation is subject to various conditions precedent.

Cenntro Electric Group has delivered 31 All-Electric Logistar 200 vans to the Post of Serbia. The vans will be used for deliveries in the city center of Novi Sad. The LS200 offers a payload of 2304 lbs and a range of 164 miles. The LS200 is part of Cenntro's expanded Logistar line.

Cenntro Electric Group Q2 2023 net revenue increased 32% to $4.2 million. Number of vehicles sold increased by 82% to 235 vehicles. Gross profit margin increased to 27.1%. Average selling price increased 11% to approximately $18.6 thousand.