Summary by Futu AI
On February 16, 2024, Cenntro Electric Group Limited, a leading electric vehicle technology company, announced the approval of its scheme of arrangement by the Supreme Court of New South Wales, Australia. This scheme will facilitate the company's redomiciliation from Australia to the United States, making it a subsidiary of Cenntro Inc., a Nevada-incorporated entity. The approval by the court marks a significant step in the company's transition, which is legally effective following the lodgment of the court's orders with the Australian Securities and Investments Commission (ASIC). Eligible shareholders of Cenntro Electric as of the record date, February 22, 2024, will receive one share of common stock in Cenntro Inc. for each ordinary share held. The implementation date is set for February 27, 2024, with the dispatch of statements confirming the issue of Cenntro Inc. shares to commence on February 29, 2024. The company has outlined an indicative timetable for the remaining key milestones of the scheme, which are subject to change, and any variations will be communicated through Nasdaq and the company's website.