CH Auto Technology Corporation Ltd., a China-based company, and Mountain Crest Acquisition Corp. IV (Nasdaq: MCAF) have jointly announced the successful completion of their business combination transaction on March 28, 2024. In accordance with the agreement and plan of merger, CH Auto now holds 71.2184% of the voting rights of CHATC, and MCAF has become a wholly owned subsidiary of CH Auto.
Subsequent to the merger, MCAF’s Common Stock will cease to be traded on The Nasdaq Stock Market as of March 28, 2024. Additionally, CH Auto’s securities, including its Class A ordinary shares, will not be listed for trading on any securities exchange.
CH Auto has, however, submitted an application to the Chinese Securities Regulatory Commission (“CSRC”) for the listing of its Class A ordinary shares on a US exchange. The company is currently awaiting a definitive response from the CSRC. It is important to note that there is no guarantee that CH Auto will receive the necessary approval from CSRC or that its securities will be traded on The Nasdaq Stock Market.
Following the completion of the business combination, Qun Lu, the founder and CEO of CHAFC, expressed CH Auto’s aim to evolve into a globally integrated multinational enterprise with an international perspective. Dr. Suying Liu, Chairman, CEO and CFO of MCAF, conveyed his excitement for the successful completion of the business combination, noting that CH Auto is poised to drive innovation and growth in electric mobility.
Established in 2003, CH Auto Technology Corporation Ltd. is a technology-driven company engaged in electric vehicle manufacturing and design services in China. In 2015, CH-Auto established “Qiantu Motor” to enter the electric vehicle market, achieving various technological breakthroughs in the process. On the other hand, Mountain Crest Acquisition Corp. IV is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The press release also included forward-looking statements regarding the anticipated financial impacts of the proposed business combination and other future performance expectations. The actual results may differ from these expectations, estimates, and projections and therefore, should not be relied upon as predictions of future events.
It is important to emphasize that this press release is not intended to serve as a solicitation of proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. Additionally, it does not constitute an offer to sell or the solicitation of an offer to buy any securities.
In conclusion, the completion of the business combination between CH Auto Technology Corporation Ltd. and Mountain Crest Acquisition Corp. IV represents a significant achievement and sets the stage for potential growth and innovation in the field of electric mobility. Both companies are optimistic about the future and are eagerly anticipating further progress in the global market.
For further information, please contact:
Qun Lu
Chairman and CEO
Email: [email protected]
Building 4, AVIC International Industrial Park Area 1, Shijun North Street, Shunyi District, Beijing, China.