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BEIJING and NEW YORK, March 30, 2024 (GLOBE NEWSWIRE) — CH Auto Know-how Company Ltd. (CHATC), an organization fashioned below the legal guidelines of the Peoples Republic of China (PRC), an electrical automobile manufacturing and design service firm primarily based in China, and Mountain Crest Acquisition Corp. IV (Nasdaq: MCAF), a Delaware company that was a publicly-traded particular goal acquisition firm (MCAF), in the present day introduced that on March 28, 2024, the closing of their enterprise mixture transaction occurred, pursuant to an Settlement and Plan of Merger (as amended and restated on December 23, 2022 and additional amended on March 1, 2023, the Merger Settlement) by and among the many CHATC, MCAF, CH Auto, Inc., a Cayman Islands exempted firm (CH Auto) and CH-Auto Merger Sub Corp., a Delaware company and wholly owned subsidiary of CH Auto (Merger Sub).
In accordance with the Merger Settlement, amongst different issues, CH Auto turned the proprietor of 71.2184% of the voting rights of CHATC and Merger Sub merged with and into MCAF (the Merger), with MCAF being the surviving company (the Enterprise Mixture). Qun Lu, the founder and CEO of CHAFC, will proceed to guide CH Auto, the mother or father firm, as its Chairman, CEO and CFO after closing of the Enterprise Mixture.
Pursuant to the Merger, (i) every MCAF Unit, comprised of 1 share of MCAF widespread inventory (Frequent Inventory) and one proper to obtain one-tenth (1/10) of a share of Frequent Inventory upon the consummation of an preliminary enterprise mixture (the Rights), was transformed into one share of Frequent Inventory and one Proper; (ii) every issued and excellent share of Frequent Inventory was exchanged for one Class A peculiar share of CH Auto (CH Auto Strange Shares); and (iii) all of the Rights had been transformed into CH Auto Strange Shares on a ten to 1 foundation (i.e. for each 10 Rights one CH Auto Strange Share is issued). Following the closing of the Merger, which occurred on March 28, 2024, MCAF is an entirely owned subsidiary of CH Auto.On account of the Merger, MCAF’s Frequent Inventory will now not commerce on The Nasdaq Inventory Market after March 28, 2024.
Following the Enterprise Mixture, the securities of CH Auto, together with its Class A peculiar shares, is not going to be listed for buying and selling on any securities trade. As a PRC firm, CH Auto can not record its securities on an trade in the USA except it completes the submitting process with the Chinese language Securities Regulatory Fee (CSRC), a PRC authorities company. CH Auto has filed an software with the CSRC to finish the submitting process to record its Class A peculiar shares on an trade in the USA, and is awaiting a definitive response from CSRC. Within the occasion CH Auto completes the CSRC submitting process, CH Auto plans to record its securities on The Nasdaq Inventory Market. There may be no assurance that CH Auto will obtain the required approval from CSRC or that its securities will commerce on The Nasdaq Inventory Market.
Whereas the Merger Settlement supplied that the closing of the Enterprise Mixture was conditioned upon, amongst different issues, (i) CH Auto’s Class A peculiar shares shall have been authorized for itemizing on The Nasdaq Inventory Market and (ii) all consents, approvals and actions of, filings with and notices to any Governmental Authority, together with the CSRC, required to consummate the Enterprise Mixture shall have been made or obtained. Nonetheless, as beforehand disclosed within the Prospectus, dated September 28, 2023, CHATC, MCAF, CH Auto and Merger Sub had the choice to waive such situations, and finally CHATC, MCAF, CH Auto and Merger Sub did waive these situations to consummate the Enterprise Mixture.
CH Auto Inc. and its subsidiary firm Qiantu Motor are a high-tech automotive industrial group with what we consider to be revolutionary progressive know-how, mentioned Qun Lu, the Chairman, CEO and CFO of CH Auto. Mr. Lu continued Our superior mechanical structure and light-weight alloy supplies have positioned us good place within the discipline of latest power automobiles. Whereas our roots and basis are in China, our long-term imaginative and prescient is to turn into a globally built-in multinational enterprise with a world perspective. Mr. Lu acknowledged additional that This enterprise mixture with Mountain Crest IV marks solely the start of our globalization technique, as we goal to focus on world markets together with the USA, positioning CH Auto as pioneers in Chinese language new power automobile know-how on a world scale.”
I’m thrilled to see the profitable completion of one other enterprise mixture of the Mountain Crest franchise, and CH Auto, as one of many first EV automakers in China with confirmed know-how breakthroughs and manufacturing experience, is tackling an vital mission to ship innovation and progress in electrical mobility, mentioned Dr. Suying Liu, Chairman, CEO and CFO of MCAF.
About CH Auto Inc.
CH-Auto’s majority owned subsidiary CH Auto Know-how Company Ltd. is a technology-driven firm based in 2003 and has been an electrical automobile manufacturing and design service firm in China. In 2015, CH-Auto established “Qiantu Motor” to enter the electrical automobile market. In 2018, it constructed a brand new manufacturing facility in Suzhou, China, which replaces the normal 4 methods Stamping, Welding, Portray & Meeting of the auto manufacturing course of with simply two methods of Physique and Meeting. In the identical yr, Qiantu Motor put into manufacturing the Qiantu K50 collection of all-electric city supercars. One other collection, Qiantu K20, for the younger Gen-Z shoppers all over the world was launched within the second half of 2022.
About Mountain Crest Acquisition Corp. IV
Mountain Crest Acquisition Corp. IV is a clean test firm fashioned for the aim of effecting a merger, share trade, asset acquisition, share buy, reorganization or related enterprise mixture with a number of companies.
Ahead-Trying Statements
This press launch consists of forward-looking statements inside the that means of the secure harbor provisions of the USA Personal Securities Litigation Reform Act of 1995. MCAF’s and CH-Auto’s precise outcomes could differ from their expectations, estimates, and projections and, consequently, you shouldn’t depend on these forward-looking statements as predictions of future occasions. Phrases akin to count on, estimate, mission, price range, forecast, anticipate, intend, plan, could, will, may, ought to, believes, predicts, potential, proceed, and related expressions (or the unfavourable variations of such phrases or expressions) are supposed to determine such forward-looking statements. These forward-looking statements embrace, with out limitation, MCAF’s and CH-Auto’s expectations with respect to future efficiency and anticipated monetary impacts of the proposed enterprise mixture, the satisfaction of the closing situations to the proposed enterprise mixture, and the timing of the completion of the proposed enterprise mixture.
These forward-looking statements contain vital dangers and uncertainties that would trigger the precise outcomes to vary materially from these mentioned within the forward-looking statements. Most of those components are exterior MCAF’s and CH-Auto’s management and are troublesome to foretell. Elements that will trigger such variations are disclosed within the CH Auto Prospectus, dated September 28, 2023 and embrace, however usually are not restricted to: (1) the incidence of any occasion, change, or different circumstances that would give rise to the termination of the definitive merger settlement (the Settlement); (2) the end result of any authorized proceedings which may be instituted in opposition to MCAF and CH-Auto following the announcement of the Settlement and the transactions contemplated therein; (3) the shortcoming to finish the proposed enterprise mixture, together with attributable to failure to acquire approval of the stockholders of MCAF and CH-Auto, sure regulatory approvals, or fulfill different situations to closing within the Settlement; (4) the incidence of any occasion, change, or different circumstance that would give rise to the termination of the Settlement or may in any other case trigger the transaction to fail to shut; (5) the impression of COVID-19 pandemic on CH-Auto’s enterprise; (6) the shortcoming to acquire the itemizing of Pubco’s peculiar shares on Nasdaq following the proposed enterprise mixture; (7) the danger that the proposed enterprise mixture disrupts present plans and operations because of the announcement and consummation of the proposed enterprise mixture; (8) the flexibility to acknowledge the anticipated advantages of the proposed enterprise mixture, which can be affected by, amongst different issues, competitors, the flexibility of CH-Auto to develop and handle progress profitably, and retain its key staff; (9) prices associated to the proposed enterprise mixture; (10) modifications in relevant legal guidelines or rules; (11) the likelihood that MCAF or CH-Auto could also be adversely affected by different financial, enterprise, and/or aggressive components; (12) dangers regarding the uncertainty of the projected monetary info with respect to CH-Auto; (13) dangers associated to the natural and inorganic progress of CH-Auto’s enterprise and the timing of anticipated enterprise milestones; (14) the quantity of redemption requests made by MCAF’s stockholders; and (15) different dangers and uncertainties indicated infrequently within the remaining prospectus of MCAF for its preliminary public providing and the proxy assertion regarding the proposed enterprise mixture, together with these below Threat Elements therein, and in MCAF’s different filings with the SEC. MCAF cautions that the foregoing record of things shouldn’t be unique. MCAF and CH-Auto warning readers to not place undue reliance upon any forward-looking statements, which communicate solely as of the date made. MCAF and CH-Auto don’t undertake or settle for any obligation or endeavor to launch publicly any updates or revisions to any forward-looking statements to mirror any change of their expectations or any change in occasions, situations, or circumstances on which any such assertion is predicated.
No Provide or Solicitation
This press launch shall not represent a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed enterprise mixture. This press launch shall additionally not represent a suggestion to promote or the solicitation of a suggestion to purchase any securities, nor shall there be any sale of securities in any states or jurisdictions wherein such provide, solicitation, or sale can be illegal previous to registration or qualification below the securities legal guidelines of any such jurisdiction. No providing of securities shall be made besides via a prospectus assembly the necessities of Part 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contacts:
For CH Auto Know-how Company Ltd.:Qun LuChairman and CEOEmail: luqun@ch-auto.comBuilding 4, AVIC Worldwide Industrial Park Space 1, Shijun North Avenue, Shunyi District, Beijing, China
Supply: Mountain Crest Acquisition Corp. IV
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