Cenntro Electric Group Encourages All Shareholders to Vote in Favor of Proposed Scheme Resolution to Redomicile from Australia to the United States

Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading EV technology company with advanced, market-validated electric commercial vehicles, today reminds shareholders their vote is important to ensure Cenntro successfully redomiciles from Australia to the United States (the “Scheme”) and Cenntro encourages all shareholders to vote their shares in favor of the proposed Scheme resolution at the special meeting of shareholders on January 24, 2024 at 4:00pm (Eastern Standard Time ("EST")).

On December 14, 2023 (Australian Eastern Standard time (“AEST”)) the Supreme Court of New South Wales, Australia (the “Court”) made the following orders at the first court hearing (the “First Court Hearing”) in relation to the proposed Scheme to be undertaken by the Company in accordance with the requirements of the Australian Corporations Act 2001 (Cth) in relation to which Cenntro will redomicile from Australia to the United States, and under which Cenntro will become a wholly owned subsidiary of Cenntro Inc., a new U.S. company incorporated in accordance with the laws of Nevada (“HoldCo”) for the purpose of effecting the Scheme, Cenntro will:

1. convene and hold a special meeting of its shareholders to consider and vote on the Scheme (the “Scheme Meeting”); and
2. distribute the explanatory statement containing information about the Scheme, including the notice convening the Scheme Meeting (the “Scheme Booklet”), to ordinary shareholders of Cenntro (the “Cenntro Shareholders” and each ordinary shareholder of Cenntro a “Cenntro Shareholder”).

Details of Scheme Meeting

The Scheme Meeting will be held at 4:00pm (US Eastern Standard Time) (“EST”) on Wednesday, January 24, 2024, (being 5:00am (China Standard Time) (“CST”)) on Thursday, January 25, 2024 and 8:00am (Australian Eastern Standard Time) (“AEST”) 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 (AEST) on Tuesday, January 23, 2024), subject to any applicable voting exclusion set out in the notice of Scheme Meeting which accompanies the Scheme Booklet.