YANTAI, China, March 21, 2024 (GLOBE NEWSWIRE) -- Chijet Motor Company, Inc. (Nasdaq: CJET) (the "Company" or "Chijet"), a high-tech enterprise engaged in the development, manufacture, sales, and service of traditional fuel vehicles and new energy vehicles ("NEV") in China, today announced today announced that it received a deficiency notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq") on March 20, 2024. The deficiency cited by Nasdaq was due to the resignation of Mr. Simon Pang, an independent director of the Company, from the board of directors (the "Board") and the audit committee of the Board (the "Audit Committee"). As a result of the Resignation of Mr. Pang, the Company is no longer in compliance with Nasdaq's audit committee requirements as set forth in Listing Rule 5605. The Notice states that, consistent with Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period until the earlier of the Company's next annual shareholders' meeting or March 15, 2025, to regain compliance; provided that if the next annual shareholders' meeting is held before September 11, 2024, then the Company must evidence compliance no later than September 11, 2024.
If the Company does not regain compliance by the expiration of the cure period, the Company's securities will be subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel. The Company plans to search for candidates and fill in the vacancy on the Audit Committee within the cure period provided by Nasdaq. The Notice has no immediate impact on the listing of the Company's ordinary shares on Nasdaq.
About Chijet Motor Company, Inc.
The primary business of Chijet is the development, manufacture, sales, and service of traditional fuel vehicles and NEVs. State-of-the-art manufacturing systems and stable supply chain management enable the Company to provide consumers with products of high performance at reasonable prices. In addition to its large modern vehicle production base in Jilin, China, a factory in Yantai, China will be dedicated to NEV production upon completion of its construction. Chijet has a management team of industry veterans with decades of experience in engineering and design, management, financing, industrial production, and financial management. For additional information about Chijet, please visit www.chijetmotors.com.
Chijet Contact:
2888 Dongshan Street
Gaoxin Automobile Industrial Park
Jilin City, JL. P.R.China
0535-2766202
EMAIL: info@chijetmotors.com
Investor Relations Contact:
Skyline Corporate Communications Group, LLC
1177 Avenue of the Americas, 5th Floor
New York, NY 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Chijet's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding Chijet's leadership team, Chijet's continued growth and financial and operational improvements, Chijet's ability to develop and sell new or improved products, raise capital, deliver customer orders timely, execute its business plans, and attract and retain customers and skilled professionals; risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, and general economic conditions affecting the Chijet's industry, along with those other risks described under the heading "Risk Factors" in the prospectus Chijet filed with the Securities and Exchange Commission (the "SEC") on March 30, 2023, and those that are included in any of Chijet's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Chijet and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chijet undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
