Welcome to our dedicated page for Chijet Motor Company news (Ticker: CJET), a resource for investors and traders seeking the latest updates and insights on Chijet Motor Company stock.
This news page covers historical and ongoing developments related to Chijet Motor Company, Inc. and its successor name Digital Currency X Technology Inc., whose Class A ordinary shares have traded on the Nasdaq Capital Market under the ticker CJET and are expected to trade under DCX following the announced name and ticker change. The company is associated with the automobile manufacturing industry and has described itself as a global automotive technology enterprise, while also expanding into digital assets and edge intelligence.
Visitors to this page can review press releases and announcements that the company has furnished on Form 6-K or otherwise made public. These include updates on capital-raising transactions such as registered direct offerings of Class A ordinary shares and pre-funded warrants under its Form F-3 shelf registration, where the company has outlined gross proceeds, use of proceeds, placement agency arrangements, and lock-up agreements. News items also describe the implementation of a one hundred-for-one share consolidation of its ordinary shares and the company’s communications with Nasdaq regarding minimum bid price compliance and subsequent confirmation of regained compliance.
The company’s news flow also highlights its strategic initiatives. It has announced an alignment with EdgeAI to expand its focus into edge intelligence, aiming to integrate artificial intelligence and edge computing into vehicles, factories, and industrial infrastructure. Additional releases describe a digital asset treasury strategy, including the acquisition of tokens and an agreement with EdgeAI Frontier Technology Ltd. to acquire EdgeAI tokens at a discount, with EdgeAI acting as advisor on digital assets and the company serving as a validator node on the EdgeAI blockchain network.
Investors and observers who follow CJET-related news can use this page to track the evolution from Chijet Motor Company, Inc. to Digital Currency X Technology Inc., monitor financing activities, and review company statements about smart mobility, intelligent manufacturing, edge intelligence, and digital asset holdings. Because some third-party platforms may still reference historical data under the CJET symbol, this page provides a consolidated view of company communications tied to that ticker.
Chijet Motor Company, Inc. (NASDAQ: CJET), a high-tech enterprise in the vehicle industry, has announced the issuance of 640,850 ordinary shares to holders of contingent value rights (CVRs) as of September 13, 2024. This action follows the failure to meet certain earnout milestones for the 2023 calendar year, resulting in two major shareholders surrendering the same number of shares for cancellation.
The company will distribute these shares pro rata among qualifying CVR holders based on their holdings. With a total of 1,300,706 outstanding CVRs, each CVR is entitled to 0.492694 Ordinary Shares. Fractional shares will be rounded down to the nearest whole share. This share issuance is in accordance with the Business Combination Agreement entered on October 25, 2022.
Chijet Motor Company, Inc. (NASDAQ: CJET), a high-tech enterprise in the vehicle industry, has received two deficiency notices from Nasdaq. The company failed to maintain the minimum required market value of listed securities (MVLS) of $50 million and the minimum market value of publicly held shares (MVPHS) of $15 million. CJET has until February 11, 2025, to regain compliance with both requirements.
To comply, CJET's MVLS must close at $50 million or more, and its MVPHS at $15 million or more, for at least ten consecutive business days within the 180-day period. Failure to meet these conditions may result in delisting, although CJET can appeal or apply for transfer to the Nasdaq Capital Market. The company is evaluating potential actions to regain compliance.
Chijet Motor Company (NASDAQ: CJET) announced a 1-for-30 reverse stock split effective June 28, 2024. This move aims to comply with Nasdaq's $1.00 minimum bid price requirement. Starting July 8, 2024, CJET shares will trade on a split-adjusted basis under the same symbol. No fractional shares will be issued, with any resulting fractions rounded up. Post-split, Chijet's outstanding shares will reduce from 160,707,171 to approximately 5,356,905. Registered stockholders need not take any action, while those with physical certificates will receive book-entry shares. This action intends to boost the per-share trading price and maintain Nasdaq listing compliance.
Chijet Motor Company (NASDAQ: CJET) conducted its annual shareholder meeting on June 28, 2024. Key resolutions included a reverse stock split, consolidating every 30 shares into one. The company's authorized share capital increased significantly from $50,000 to $30,000,000, with a corresponding rise in authorized ordinary shares from 16,666,667 to 10,000,000,000. Additionally, an amended memorandum and articles of association were approved. The meeting also reviewed financial data for the fiscal year ending December 31, 2023, and allowed shareholders to discuss company matters with management.
On June 7, Chijet Motor's subsidiary, FAW Jilin Automobile, signed an intention agreement with Jilin National High-tech Industrial Development Zone and Haikou BIAOCHI Automobile Culture Development. The collaboration focuses on developing automobile culture tourism and race automobile R&D. A new manufacturing base for karts, ATVs, and UTVs, both fuel and new energy vehicles, will be constructed in FAW Jilin's factory. Additionally, a comprehensive cultural tourism base, including kart tracks, off-road tracks, rallying fields, and RV camping, will be developed. The project integrates automotive races, development, RV camping, music, and gastronomy. Preparatory work has already begun.
Chijet Motor Company (Nasdaq: CJET) announced that its subsidiary, FAW Jilin Automobile, signed a product sale agency agreement with SARL AI MOTORS from Algeria on May 10, 2024.
This agreement designates SARL AI MOTORS as the exclusive agent to sell Chijet's 'SENIA' automobiles in Algeria for at least the next two years. FAW Jilin will manufacture these vehicles in China and export them to Algeria. This collaboration aims to expand Chijet Motor's market presence in Africa.
Chijet Motor specializes in developing, manufacturing, selling, and servicing traditional fuel and new energy vehicles (NEVs) and plans to enhance NEV production with a new factory in Yantai, China.
Chijet Motor's subsidiary, FAW Jilin Automobile, announced a framework cooperation agreement with Uzbekistan's TANK AUTO on May 29, 2024. This three-year agreement will see TANK AUTO act as a distribution and sales agent for FAW in Uzbekistan.
The economic governor of Tashkent, Sayyed Karimov, visited FAW's production plant and expressed confidence in achieving a sales volume of 12,000 units within three years. Both parties emphasized the compatibility of FAW’s vehicles with Uzbekistan’s market demands.
Chijet Motor specializes in traditional fuel vehicles and new energy vehicles (NEVs), with advanced manufacturing systems and a stable supply chain. It operates major production facilities in Jilin and Yantai, China.
On May 22, Chijet Motor (Nasdaq: CJET) hosted a visit from the Fubao Street Investment Promotion Team from Futian District, Shenzhen. The visit focused on a special program to introduce Chijet's industries to Shenzhen. Futian District officials discussed the region's geographical and financial advantages, offering support in industrial backing, market financing, advanced technology, and talent acquisition. Chijet plans to cooperate with financial institutions in Futian and participate in project roadshows to promote the establishment of a subsidiary in Futian. Chijet's primary business includes the development and manufacturing of traditional and new energy vehicles (NEVs) in China.
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