Cenntro Electric Group Limited Receives Australian Court Order to Convene Scheme Meeting

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 on 14 December 2023 (Australian Eastern time ("AET")) the Supreme Court of New South Wales, Australia ("Court") made the following orders in relation to the proposed scheme of arrangement to be undertaken in accordance with the requirements of the Australian Corporations Act 2001 (Cth) in relation to which Cenntro will re-domicile from Australia to the United States (“Scheme”), and under which Cenntro will become a wholly owned subsidiary of Cenntro Inc. (“HoldCo”), a new U.S. company incorporated in accordance with the laws of Nevada for the purpose of effecting the Cenntro group's re-domiciliation to the U.S:

(a)

that Cenntro convenes and holds a meeting of its ordinary shareholders to consider and vote on the Scheme ("Scheme Meeting"); and

(b) that the explanatory statement providing information about the Scheme, including the notice convening the Scheme Meeting ("Scheme Booklet"), be approved for distribution to ordinary shareholders of Cenntro ("Cenntro Shareholders").

Details of Scheme Meeting

The Scheme Meeting will be held at 4.00pm (Eastern Standard Time ("EST")) on Wednesday, January 24, 2024 (being 5.00am (China Standard Time) ("CST") on Thursday, January 25, 2024 and 8.00am (AET) on Thursday, January 25, 2024) at the offices of Cenntro at 323A Fairfield Road, Unit 10, Freehold, New Jersey, 07728 and online at www.virtualshareholdermeeting.com/CENN2023SM.

Cenntro Shareholders will be entitled to attend and vote at the Scheme Meeting if they are registered as a Cenntro Shareholder as at 3.00am (EST) on Tuesday, January 23, 2024 (being 4.00pm (CST) on Tuesday, January 23, 2024 and 7.00pm (AET) on Tuesday, January 23, 2024), subject to any applicable voting exclusion set out in the notice of scheme meeting which accompanies the Scheme Booklet.

All Cenntro Shareholders are encouraged to vote at the Scheme Meeting in person, online or by attorney or corporate representative, or alternatively by completing and ensuring the proxy form accompanying the Scheme Booklet is received before 4.00pm (EST) on Monday, January 22, 2024 at 4:00pm (EST) (being 5.00am (CST) on Tuesday, January 23, 2024 and 8.00am (AET) on Tuesday, January 23, 2024), being 48 hours before the Scheme Meeting.