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Why is Nwtn Inc (NWTN) Stock down?
We've noticed a 6.14% decline in Nwtn Inc (NWTN) stock during the 2024-12-19 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
08 Apr, 2024:
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.
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