BEIJING and NEW YORK, March 30, 2024 (GLOBE NEWSWIRE) — CH Auto Expertise Company Ltd. (CHATC), an organization shaped 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 function acquisition firm (MCAF), at present 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 steer 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 (Widespread Inventory) and one proper to obtain one-tenth (1/10) of a share of Widespread Inventory upon the consummation of an preliminary enterprise mixture (the Rights), was transformed into one share of Widespread Inventory and one Proper; (ii) every issued and excellent share of Widespread Inventory was exchanged for one Class A atypical share of CH Auto (CH Auto Unusual Shares); and (iii) all of the Rights have been transformed into CH Auto Unusual Shares on a ten to 1 foundation (i.e. for each 10 Rights one CH Auto Unusual Share is issued). Following the closing of the Merger, which occurred on March 28, 2024, MCAF is a completely owned subsidiary of CH Auto.On account of the Merger, MCAF’s Widespread 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 atypical shares, is not going to be listed for buying and selling on any securities alternate. As a PRC firm, CH Auto can not checklist its securities on an alternate in the US 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 checklist its Class A atypical shares on an alternate in the US, and is awaiting a definitive response from CSRC. Within the occasion CH Auto completes the CSRC submitting process, CH Auto plans to checklist its securities on The Nasdaq Inventory Market. There will be no assurance that CH Auto will obtain the mandatory 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 atypical shares shall have been accredited 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. Nevertheless, 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 revolutionary 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 recent power autos. Whereas our roots and basis are in China, our long-term imaginative and prescient is to turn out to be a globally built-in multinational enterprise with a global perspective. Mr. Lu acknowledged additional that This enterprise mixture with Mountain Crest IV marks solely the start of our globalization technique, as we intention to focus on international markets together with the US, positioning CH Auto as pioneers in Chinese language new power automobile know-how on a world scale.”
I am thrilled to see the successful completion of another business combination of the Mountain Crest franchise, and CH Auto, as one of the first EV automakers in China with proven technology breakthroughs and manufacturing expertise, is tackling an important mission to deliver innovation and growth in electric mobility, said Dr. Suying Liu, Chairman, CEO and CFO of MCAF.
About CH Auto Inc.
CH-Auto’s majority owned subsidiary CH Auto Technology Corporation Ltd. is a technology-driven company founded in 2003 and has been an electric vehicle manufacturing and design service company in China. In 2015, CH-Auto established “Qiantu Motor” to enter the electric vehicle market. In 2018, it built a new production facility in Suzhou, China, which replaces the traditional four techniques Stamping, Welding, Painting & Assembly of the automobile manufacturing process with just two techniques of Body and Assembly. In the same year, Qiantu Motor put into production the Qiantu K50 series of all-electric urban supercars. Another series, Qiantu K20, for the young Gen-Z consumers around the world was launched in the second half of 2022.
About Mountain Crest Acquisition Corp. IV
Mountain Crest Acquisition Corp. IV is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. MCAF’s and CH-Auto’s actual results may differ from their 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, continue, and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MCAF’s and CH-Auto’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside MCAF’s and CH-Auto’s control and are difficult to predict. Factors that may cause such differences are disclosed in the CH Auto Prospectus, dated September 28, 2023 and include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the definitive merger agreement (the Agreement); (2) the outcome of any legal proceedings that may be instituted against MCAF and CH-Auto following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of MCAF and CH-Auto, certain regulatory approvals, or satisfy other conditions to closing in the Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 pandemic on CH-Auto’s business; (6) the inability to obtain the listing of Pubco’s ordinary shares on Nasdaq following the proposed business combination; (7) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of CH-Auto to grow and manage growth profitably, and retain its key employees; (9) costs related to the proposed business combination; (10) changes in applicable laws or regulations; (11) the possibility that MCAF or CH-Auto may be adversely affected by other economic, business, and/or competitive factors; (12) risks relating to the uncertainty of the projected financial information with respect to CH-Auto; (13) risks related to the organic and inorganic growth of CH-Auto’s business and the timing of expected business milestones; (14) the amount of redemption requests made by MCAF’s stockholders; and (15) other risks and uncertainties indicated from time to time in the final prospectus of MCAF for its initial public offering and the proxy statement relating to the proposed business combination, including those under Risk Factors therein, and in MCAF’s other filings with the SEC. MCAF cautions that the foregoing list of factors is not exclusive. MCAF and CH-Auto caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MCAF and CH-Auto do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contacts:
For CH Auto Technology Corporation Ltd.:Qun LuChairman and CEOEmail: [email protected] 4, AVIC International Industrial Park Area 1, Shijun North Street, Shunyi District, Beijing, China
Source: Mountain Crest Acquisition Corp. IV