Nwtn Inc (NWTN)

NWTN Inc (NWTN) stock declined by 5.60% due to China Evergrande New Energy Vehicle Group's announcement regarding the termination of a $500 million investment deal with NWTN, a United Arab Emirates-based green mobility solutions provider.

• Reasons for Termination: China Evergrande NEV cited the termination of the deal due to a planned transaction and revision of the debt-to-equity swap terms not progressing. The Guangzhou-based company stated that it will continue negotiations with NWTN regarding revisions and will provide updates on the progress of the deal.
• Details of the Deal: The initial deal between Evergrande NEV and NWTN, announced last August, involved NWTN paying $500 million for a 27.5% stake in Evergrande NEV and the right to nominate a majority of representatives to the carmaker's board. However, the deal was subject to 19 preconditions, including the effective restructuring of China Evergrande's debt and the absence of major adverse events.