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Cenntro Electric | 10-K: Annual report

SEC announcement · Apr 1 15:23

CENN +1.39%

Summary by Moomoo AI

Cenntro Electric, a designer and manufacturer of electric commercial vehicles, faced a series of legal challenges and business developments in 2023. The company was involved in a lawsuit filed by Xiongjian Chen, alleging breach of contract and tort claims related to stock options. The District Court dismissed claims against CAG and CEL for lack of jurisdiction and allowed the plaintiff to amend complaints against Wang and CENN. The plaintiff filed a motion to strike the defendants' motion to dismiss, which was eventually granted by the Magistrate Judge. In a separate legal matter, Cenntro's subsidiary Ronda won a judgment against Newlongma, a supplier, for the return of advance payments and damages totaling $869,702. Newlongma has filed an appeal. On the business front, Cenntro's shares are quoted on the Nasdaq Capital Markets under the symbol 'CENN', with over 30 million shares issued as of December 31, 2023. The company has not declared or paid dividends and does not anticipate doing so in the foreseeable future. Cenntro continues to focus on the electric commercial vehicle market, leveraging technology and vehicle distribution capabilities. The company has developed six commercial vehicle models and introduced a programmable 'smart' chassis, iChassis™. Cenntro plans to expand its local assembly capacity in the European Union and has established local assembly facilities in North America. The company's future plans include regionalizing manufacturing and supply chains, expanding its product offerings, and investing in technology to support sustainable energy.

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