BEIJING and NEW YORK, March 30, 2024 (GLOBE NEWSWIRE) — CH Auto Know-how Company Ltd. (“CHATC”), an organization shaped below the legal guidelines of the Peoples Republic of China (“PRC”), an electrical automobile manufacturing and design service firm primarily based in China, and Mountain Crest Acquisition Corp. IV (Nasdaq: MCAF), a Delaware company that was a publicly-traded particular function acquisition firm (“MCAF”), at present introduced that on March 28, 2024, the closing of their enterprise mixture transaction occurred, pursuant to an Settlement and Plan of Merger (as amended and restated on December 23, 2022 and additional amended on March 1, 2023, the “Merger Settlement”) by and among the many CHATC, MCAF, CH Auto, Inc., a Cayman Islands exempted firm (“CH Auto”) and CH-Auto Merger Sub Corp., a Delaware company and wholly owned subsidiary of CH Auto (“Merger Sub”).
In accordance with the Merger Settlement, amongst different issues, CH Auto turned the proprietor of 71.2184% of the voting rights of CHATC and Merger Sub merged with and into MCAF (the “Merger”), with MCAF being the surviving company (the “Enterprise Mixture”). Qun Lu, the founder and CEO of CHAFC, will proceed to guide CH Auto, the father or mother firm, as its Chairman, CEO and CFO after closing of the Enterprise Mixture.
Pursuant to the Merger, (i) every MCAF Unit, comprised of 1 share of MCAF frequent inventory (“Frequent Inventory”) and one proper to obtain one-tenth (1/10) of a share of Frequent Inventory upon the consummation of an preliminary enterprise mixture (the “Rights”), was transformed into one share of Frequent Inventory and one Proper; (ii) every issued and excellent share of Frequent Inventory was exchanged for one Class A strange share of CH Auto (“CH Auto Strange Shares”); and (iii) all of the Rights had been transformed into CH Auto Strange Shares on a ten to 1 foundation (i.e. for each 10 Rights one CH Auto Strange Share is issued). Following the closing of the Merger, which occurred on March 28, 2024, MCAF is an entirely owned subsidiary of CH Auto.
On account of the Merger, MCAF’s Frequent Inventory will now not commerce on The Nasdaq Inventory Market after March 28, 2024.
Following the Enterprise Mixture, the securities of CH Auto, together with its Class A strange shares, is not going to be listed for buying and selling on any securities alternate. As a PRC firm, CH Auto can not listing its securities on an alternate in america until it completes the submitting process with the Chinese language Securities Regulatory Fee (“CSRC”), a PRC authorities company. CH Auto has filed an utility with the CSRC to finish the submitting process to listing its Class A strange shares on an alternate in america, and is awaiting a definitive response from CSRC. Within the occasion CH Auto completes the CSRC submitting process, CH Auto plans to listing its securities on The Nasdaq Inventory Market. There could be no assurance that CH Auto will obtain the required approval from CSRC or that its securities will commerce on The Nasdaq Inventory Market.
Whereas the Merger Settlement supplied that the closing of the Enterprise Mixture was conditioned upon, amongst different issues, (i) CH Auto’s Class A strange shares shall have been authorized for itemizing on The Nasdaq Inventory Market and (ii) all consents, approvals and actions of, filings with and notices to any Governmental Authority, together with the CSRC, required to consummate the Enterprise Mixture shall have been made or obtained. Nevertheless, as beforehand disclosed within the Prospectus, dated September 28, 2023, CHATC, MCAF, CH Auto and Merger Sub had the choice to waive such circumstances, and finally CHATC, MCAF, CH Auto and Merger Sub did waive these circumstances to consummate the Enterprise Mixture.
“CH Auto Inc. and its subsidiary firm Qiantu Motor are a high-tech automotive industrial group with what we consider to be revolutionary revolutionary expertise,” mentioned Qun Lu, the Chairman, CEO and CFO of CH Auto. Mr. Lu continued “Our superior mechanical structure and light-weight alloy supplies have positioned us good place within the area of recent vitality automobiles. Whereas our roots and basis are in China, our long-term imaginative and prescient is to turn into a globally built-in multinational enterprise with a world perspective.” Mr. Lu said additional that “This enterprise mixture with Mountain Crest IV marks solely the start of our globalization technique, as we purpose to focus on world markets together with america, positioning CH Auto as pioneers in Chinese language new vitality automobile expertise on a world scale.”
“I’m thrilled to see the profitable completion of one other enterprise mixture of the Mountain Crest franchise, and CH Auto, as one of many first EV automakers in China with confirmed expertise breakthroughs and manufacturing experience, is tackling an essential mission to ship innovation and development in electrical mobility,” mentioned Dr. Suying Liu, Chairman, CEO and CFO of MCAF.
About CH Auto Inc.
CH-Auto’s majority owned subsidiary CH Auto Know-how Company Ltd. is a technology-driven firm based in 2003 and has been an electrical automobile manufacturing and design service firm in China. In 2015, CH-Auto established “Qiantu Motor” to enter the electrical automobile market. In 2018, it constructed a brand new manufacturing facility in Suzhou, China, which replaces the standard 4 strategies “Stamping, Welding, Portray & Meeting” of the auto manufacturing course of with simply two strategies of “Physique and Meeting.” In the identical yr, Qiantu Motor put into manufacturing the Qiantu K50 sequence of all-electric city supercars. One other sequence, Qiantu K20, for the younger Gen-Z shoppers around the globe was launched within the second half of 2022.
About Mountain Crest Acquisition Corp. IV
Mountain Crest Acquisition Corp. IV is a clean examine firm shaped for the aim of effecting a merger, share alternate, asset acquisition, share buy, reorganization or related enterprise mixture with a number of companies.
Ahead-Trying Statements
This press launch contains “forward-looking statements” throughout the which means of the “secure harbor” provisions of america Non-public Securities Litigation Reform Act of 1995. MCAF’s and CH-Auto’s precise outcomes could differ from their expectations, estimates, and projections and, consequently, you shouldn’t depend on these forward-looking statements as predictions of future occasions. Phrases akin to “count on,” “estimate,” “undertaking,” “finances,” “forecast,” “anticipate,” “intend,” “plan,” “could,” “will,” “might,” “ought to,” “believes,” “predicts,” “potential,” “proceed,” and related expressions (or the adverse variations of such phrases or expressions) are supposed to establish such forward-looking statements. These forward-looking statements embody, with out limitation, MCAF’s and CH-Auto’s expectations with respect to future efficiency and anticipated monetary impacts of the proposed enterprise mixture, the satisfaction of the closing circumstances to the proposed enterprise mixture, and the timing of the completion of the proposed enterprise mixture.
These forward-looking statements contain important dangers and uncertainties that might trigger the precise outcomes to vary materially from these mentioned within the forward-looking statements. Most of those elements are exterior MCAF’s and CH-Auto’s management and are troublesome to foretell. Elements which will trigger such variations are disclosed within the CH Auto Prospectus, dated September 28, 2023 and embody, however usually are not restricted to: (1) the incidence of any occasion, change, or different circumstances that might give rise to the termination of the definitive merger settlement (the “Settlement”); (2) the end result of any authorized proceedings which may be instituted in opposition to MCAF and CH-Auto following the announcement of the Settlement and the transactions contemplated therein; (3) the shortcoming to finish the proposed enterprise mixture, together with resulting from failure to acquire approval of the stockholders of MCAF and CH-Auto, sure regulatory approvals, or fulfill different circumstances to closing within the Settlement; (4) the incidence of any occasion, change, or different circumstance that might give rise to the termination of the Settlement or might in any other case trigger the transaction to fail to shut; (5) the influence of COVID-19 pandemic on CH-Auto’s enterprise; (6) the shortcoming to acquire the itemizing of Pubco’s strange shares on Nasdaq following the proposed enterprise mixture; (7) the chance that the proposed enterprise mixture disrupts present plans and operations because of the announcement and consummation of the proposed enterprise mixture; (8) the power to acknowledge the anticipated advantages of the proposed enterprise mixture, which can be affected by, amongst different issues, competitors, the power of CH-Auto to develop and handle development profitably, and retain its key workers; (9) prices associated to the proposed enterprise mixture; (10) adjustments in relevant legal guidelines or laws; (11) the likelihood that MCAF or CH-Auto could also be adversely affected by different financial, enterprise, and/or aggressive elements; (12) dangers regarding the uncertainty of the projected monetary info with respect to CH-Auto; (13) dangers associated to the natural and inorganic development of CH-Auto’s enterprise and the timing of anticipated enterprise milestones; (14) the quantity of redemption requests made by MCAF’s stockholders; and (15) different dangers and uncertainties indicated on occasion within the ultimate prospectus of MCAF for its preliminary public providing and the proxy assertion regarding the proposed enterprise mixture, together with these below “Threat Elements” therein, and in MCAF’s different filings with the SEC. MCAF cautions that the foregoing listing of things isn’t unique. MCAF and CH-Auto warning readers to not place undue reliance upon any forward-looking statements, which communicate solely as of the date made. MCAF and CH-Auto don’t undertake or settle for any obligation or enterprise to launch publicly any updates or revisions to any forward-looking statements to replicate any change of their expectations or any change in occasions, circumstances, or circumstances on which any such assertion relies.
No Provide or Solicitation
This press launch shall not represent a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed enterprise mixture. This press launch shall additionally not represent a suggestion to promote or the solicitation of a suggestion to purchase any securities, nor shall there be any sale of securities in any states or jurisdictions wherein such provide, solicitation, or sale can be illegal previous to registration or qualification below the securities legal guidelines of any such jurisdiction. No providing of securities shall be made besides by the use of a prospectus assembly the necessities of Part 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contacts:
For CH Auto Know-how Company Ltd.:
Qun Lu
Chairman and CEO
E mail: luqun@ch-auto.com
Constructing 4, AVIC Worldwide Industrial Park Space 1, Shijun North Road, Shunyi District, Beijing, China
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