Chijet Motor prices 13.6M shares at 59c in public offering

Chijet Motor (CJET) Company announced the pricing of its previously announced public offering of an aggregate of 13,560,000 shares of its Class A ordinary shares, and warrants to purchase up to 13,560,000 Class A ordinary shares, at a combined public offering price of $0.59 per share and accompanying warrants. Each warrant will expire five years from the issuance, will be immediately exercisable upon issuance at an initial exercise price of $0.59 per share, subject to adjustment on the First Reset Date and the Second Reset Dateand subject to a floor price therein. The warrants may also be exercised on a zero cash exercise option pursuant to which the holder may exchange each warrant for two Class A ordinary shares. Maxim Group LLC is acting as the sole placement agent for the offering. Chijet Motor Company, Inc. intends to use the net proceeds of this offering for acquisition of new businesses, corporate management, talent recruitment and general working capital purposes.