Share Sale Plan Between Evergrande New Energy Vehicle and NWTN Lapses
The anticipated share sale between China Evergrande New Energy Vehicle Group and NWTN, the electric vehicle subsidiary has officially lapsed. This development was revealed in a Hong Kong stock exchange filing on Monday.
The breakdown in negotiations to extend the long stop date, which was set for the final day of 2023, has led to the invalidation of the share subscription and loan conversion subscription agreement by NWTN, as stated by Evergrande New Energy Vehicle.
In an announcement made in August, the electric vehicle subsidiary detailed an agreement to issue 6.18 billion new shares to NWTN, a Dubai-based mobility company, with a total valuation of HK$3.89 billion ($498.2 million).
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