CH Auto Technology, an electric vehicle manufacturing and design service company based in China, and Mountain Crest Acquisition IV announced the closing of their business combination.
CH Auto controls 71.2184% of the voting rights.
Mountain Crest IV shares no longer trade on the Nasdaq. Further, the securities of CH Auto will not be listed for trading on any securities exchange. As a PRC company, CH Auto cannot list its securities on an exchange in the United States unless it completes the filing procedure with the Chinese Securities Regulatory Commission. CH Auto has filed an application to complete the filing procedure to list its Class A ordinary shares on an exchange in the United States, and is awaiting a definitive response.
In the event CH Auto completes the CSRC filing procedure, CH Auto plans to list its securities on the Nasdaq.
While the merger agreement provided that the closing of the deal was conditioned upon CH Auto being approved for listing on the Nasdaq, the parties had the option to waive that requirement and ultimately did to close the deal.
Mountain Crest IV shareholders approved the transaction more than four months ago, although redemptions since the SPAC’s $50 million IPO in June 2021 had removed 99% of the trust.
“CH Auto Inc. and its subsidiary company Qiantu Motor are a high-tech automotive industrial organization with what we believe to be revolutionary innovative technology,” said Qun Lu, the Chairman, CEO and CFO of CH Auto. “Our advanced mechanical architecture and lightweight alloy materials have placed us good position in the field of new energy vehicles. While our roots and foundation are in China, our long-term vision is to become a globally integrated multinational enterprise with an international perspective.”
“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 the SPAC. Read more.
