Cenntro Electric Group Provides Update Regarding Rescheduled Second Court Hearing and Scheme Timetable

Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading electric vehicle technology company with advanced, market-validated electric commercial vehicles, refers to the proposed scheme of arrangement in relation to which Cenntro will re-domicile from Australia to the United States (“Scheme”), and under which Cenntro will become a subsidiary of Cenntro Inc. (“HoldCo”), a new United States ("U.S.") company incorporated in accordance with the laws of the State of Nevada for the purpose of effecting the Cenntro group's re-domiciliation to the U.S.

The scheme meeting for shareholders to consider the Scheme was held at 4:00pm (Eastern Standard Time, "EST") on Wednesday, January 24, 2024 (the “Scheme Meeting”). Based on the preliminary voting results available from the Scheme Meeting, Cenntro anticipates that the Scheme has been approved by shareholders of the Company in accordance with the requirements of the Australian Corporations Act 2001 (Cth).

Cenntro has been advised by its securities services provider responsible for tabulating the voting results from the Scheme Meeting, Broadridge Financial Solutions, Inc. ("Broadridge"), that Broadridge is still awaiting reports from two third party intermediaries to finalize and report the results to Cenntro (the "Tabulation Delay"). Broadridge has advised Cenntro that the unexpected Tabulation Delay has been caused by internal administrative processing timeframes of the two foregoing third party intermediaries.

As a result of the Tabulation Delay, Cenntro has yet to receive final voting results from Broadridge. The final voting results are required to enable Cenntro to prepare necessary documentation for the Second Court Hearing. To rectify the Tabulation delay, Cenntro applied to the Supreme Court of New South Wales (the “Court”) to reschedule the second court hearing to 9:15am (Australian Eastern Daylight Time, “AEDT”) on Wednesday, February 14, 2024 (the “Second Court Hearing”). The Company previously proposed that the Second Court Hearing would be held on Thursday, February 1, 2024.

An updated and indicative timetable in respect of the Scheme, incorporating the re-scheduled Second Court Hearing, is set out below.

Rescheduled Second Court Hearing

As noted above, the Second Court Hearing has been rescheduled for 9:15am AEDT on Wednesday, February 14, 2024. The Second Court Hearing will be held in the Supreme Court of New South Wales at Queens Square, 184 Phillip Street, Sydney, New South Wales, 2000. For further information about how to attend the hearing please refer to the Court's website at https://supremecourt.nsw.gov.au/.