China Evergrande's EV share sale deal lapses

Robo.ai

01/01/2024 12:59

By Summer Zhen
       HONG KONG, Jan 1 (Reuters) - A share sale plan between
China Evergrande New Energy Vehicle Group  0708.HK , the
electric vehicle arm of property developer China Evergrande
 3333.HK , and U.S.-listed NWTN  NWTN.O  has lapsed, according
to a Hong Kong stock exchange filing on Monday. 
    As neither party agreed on the extension of the long stop
date, which is the last day of 2023, Evergrande New Energy
Vehicle said the share subscription and loan conversion
subscription agreement by NWTN are no longer valid. 
    In an announcement in August the electric vehicle subsidiary
said it had agreed to issue 6.18 billion new shares to
Dubai-based mobility company NWTN for a total HK$3.89 billion
($498.2 million).
    ($1 = 7.8086 Hong Kong dollars)

 (Reporting by Summer Zhen; Editing by Jan Harvey)
 ((summer.zhen@thomsonreuters.com; 852-3462-7739;))