Reported Earlier, Chijet Motor Approves Reverse Stock Split and Share Capital Increase

Chijet Motor Company, Inc. (NASDAQ:CJET) (the "Company" or "Chijet"), a high-tech enterprise engaged in the development, manufacture, sales, and service of traditional fuel vehicles and new energy vehicles ("NEV"), is pleased to announce that the Company's annual shareholder meeting was held on June 28, 2024. At the meeting, the Company's shareholders approved: (1) a reverse stock split (a "share consolidation" under Cayman Islands law) pursuant to which every 30 issued and unissued ordinary shares of the Company, par value US$0.0001 per share, is now consolidated into 1 ordinary share of the Company, par value US$ 0.003 per share; (2) an increase in the Company's authorized share capital from US$50,000.00 divided into 16,666,667 authorized ordinary shares, par value of US$ 0.003 per share, to US$30,000,000.00 divided into 10,000,000,000 authorized ordinary shares, par value US$0.003 per share; and (3) an amended and restated memorandum and articles of association of the Company reflecting the foregoing clauses (1) and (2).
 

The Company also presented to its shareholders financial information for the fiscal year ended December 31, 2023 and afforded the opportunity to discuss Company affairs with management.