Shares of China Liberal Education Holdings (NASDAQ:CLEU) are surging today after the company signed a non-binding letter of intent to acquire Aiways Holdings. The latter manufactures electric vehicles.
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The terms of the LOI indicate a valuation between $5 billion and $6 billion for Aiways. At present, both companies are conducting due diligence reviews and working towards a definitive agreement.
Aiways currently target the mid-price new electric vehicle (NEV) segment in China and the EU. Its plant in China presently has an annual capacity of 150,000 vehicles.
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