Cenntro Electric Group Postpones Reverse Stock Split

Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that the planned reverse split of its outstanding common stock that was to be effective on December 1, 2023 has been postponed.

The effective date of the reverse stock split cannot be determined until Depository Trust and Clearing Corporation (“DTCC”) eligibility is confirmed. The Company expects to receive confirmation of DTCC eligibility in the coming days and will provide an update as to the effective date of the reverse stock split as soon as practicable.

The purpose of the previously announced 1-for-10 reverse stock split of its outstanding common stock is to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule 5550(a)(2) by December 18, 2023 and the Company has no reason to believe it will not meet that deadline.

Upon the effective date to be determined, the Company’s common stock will begin trading on the Nasdaq Capital Market on a split-adjusted basis when the market opens and will continue to trade under the symbol “CENN”. The new CUSIP number for the common stock following the reverse stock split will be Q6519V146.

The reverse stock split uniformly affects all issued and outstanding shares of the Company’s common stock and will not alter any stockholder’s percentage of ownership interest in the Company, except to the extent that the reverse stock split results in fractional shares. No fractional shares will be issued in connection with the reverse stock split. Stockholders will be issued one whole share of common stock in exchange for any fractional interest that such stockholder would have otherwise received as a result of the reverse stock split. The par value of the Company’s common stock will remain unchanged after the reverse stock split.

The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 304,449,091 shares to approximately 30,444,910 shares, plus any shares to be issued in exchange for fractional interests. All options, warrants, shares issuable upon conversion of the Company’s preferred stock and stock awards of the Company outstanding immediately prior to the reverse stock split will be adjusted in accordance with their terms.