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Chijet Motor Company, Inc. plans to ask shareholders at its September 22, 2025 annual meeting to approve several major changes. The board is proposing an ordinary resolution for a reverse stock split (described as a share consolidation) in which up to 30 existing ordinary shares with a par value of US$0.003 would be combined into 1 ordinary share with a par value of no more than US$0.09. Shareholders will also vote on special resolutions to change the company’s name from “CHIJET MOTOR COMPANY, INC.” to “Digital Currency X Technology Inc.” and to adopt a third amended and restated memorandum and articles of association reflecting these changes. Shareholders of record as of the close of business on August 8, 2025 are entitled to vote, and they will be presented with financial information for the year ended December 31, 2024 and may discuss company affairs with management.
Chijet Motor Company, Inc. closed a public offering of 13,560,000 Class A ordinary shares together with ordinary warrants to purchase up to 13,560,000 Class A ordinary shares, raising gross proceeds of approximately $8.0 million at a combined public offering price of $0.59 per share and accompanying warrant. The warrants have an initial exercise price of $0.59 per share, and the company also issued placement agent warrants to purchase up to 678,000 Class A ordinary shares as part of the compensation to the placement agent.
The company agreed to pay a cash fee equal to 7.0% of gross proceeds to the placement agent and reimburse up to $50,000 of its expenses. Company officers, directors, and shareholders owning 5% or more of the Class A ordinary shares entered into lock-up agreements restricting sales of their shares for 45 days after the closing, which occurred on September 4, 2025.
Chijet Motor Company, Inc. prospectus supplement describes a securities offering with placement agent compensation equal to 7.0% of the aggregate purchase price plus reimbursement of offering-related out-of-pocket expenses up to US$50,000. The prospectus discloses issuance of Placement Agent Warrants exercisable immediately, with a five-year term and an exercise price stated in US dollars in the document, and that a zero-cash exercise of those warrants at the stated floor price would issue additional Class A Ordinary Shares without cash to the Company. The company reported 5,392,446 Class A Ordinary Shares outstanding immediately before this offering. The transfer agent is Equiniti Trust Company, LLC. The filing warns that the zero-exercise-price Ordinary Warrants, their price-reset and share-adjustment features, and the potential dilution could prompt Nasdaq public interest concerns and could risk delisting. A 45-day lock-up by insiders from the closing is disclosed. The prospectus shows a negative net tangible book value figure presented as $(71.6) per share as of December 31, 2024, and contains numerous redacted or blank numeric fields so many offering amounts and exact exercise prices are not determinable from the provided text.