Business
Cenntro Shareholders Vote in Favor of Proposed Scheme to Redomicile from Australia to the United States
FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro”, or the “Company”), a leading electric vehicle technology company
About this update from Cenntro Inc.
[{"type":"text","content":" FREEHOLD, N.J.--(BUSINESS WIRE)--\nCenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro”, or the “Company”), a leading electric vehicle technology company with advanced, market-validated electric commercial vehicles, today announced that Cenntro shareholders have voted in favor of the proposed scheme of arrangement in which Cenntro will redomicile from Australia to the United States (“Scheme”), and under which Cenntro will become a wholly owned subsidiary of Cenntro Inc. (“HoldCo”), a United States (\"U.S.”) company incorporated in accordance with the laws of the State of Nevada for the purpose of effecting the Cenntro's redomiciliation to the U.S.\n\n\nAll times and dates set forth in this press release refer to the time and date in Australian Eastern Daylight Time, unless specified otherwise.\n\n\nResults of Scheme Meeting\n\n\nCenntro is pleased to report the resolution to approve the Scheme (\"Scheme Resolution\"), as set out in the Notice of Meeting included within the scheme booklet that is contained within the Definitive Proxy Statement on Schedule 14A filed with the United States Securities and Exchange (“SEC”) on December 15, 2023 (the “Scheme Booklet”), was passed by the requisite majorities of Cenntro shareholders present at the scheme meeting held on Wednesday, January 24, 2024 (United States Eastern Standard Time) (\"Scheme Meeting\") pursuant to orders made by the Supreme Court of New South Wales, Australia (\"Court\").\n\n\nIn summary:\n\n\n\n71.16% of Cenntro shareholders present and voting (in person or by proxy, attorney or corporate representative) voted in favor of the Scheme Resolution; and\n\n\n\n97.51% of the votes cast by Cenntro shareholders were in favor of the Scheme Resolution.\n\n\n\nDetails of the valid proxies received and votes cast at the Scheme Meeting are set out below.\n\n\n\n\nVote direction\n\n\n\n\n\n\nNumber of votes cast\n\n\n\n\n\n\n% of votes cast\n\n\n\n\n\n\nNumber of\n\n\n\n\nCenntro\n\n\n\n\nshareholders\n\n\n\n\nvoting\n\n\n\n\n\n\n\n\nIN FAVOR\n\n\n\n\n\n\n11,205,948\n\n\n\n\n\n\n97.5%\n\n\n\n\n\n\n2,707\n\n\n\n\n\n\n\n\nAGAINST\n\n\n\n\n\n\n245,023\n\n\n\n\n\n\n2.13%\n\n\n\n\n\n\n821\n\n\n\n\n\n\n\n\nABSTAIN\n\n\n\n\n\n\n41,266\n\n\n\n\n\n\n0.36%\n\n\n\n\n\n\n276\n\n\n\n\n\n\n\n\nTOTAL\n\n\n\n\n\n\n11,492,237\n\n\n\n\n\n\n100%\n\n\n\n\n\n\n3,804\n\n\n\n\n\n\n\nUndefined terms...