Business combination agreement with Deep Medicine Acquisition Corp. values Chijet’s operating companies at $2.55 billion (based on 100% ownership)
| ● | Achieving the public listing milestone would enable Chijet to accelerate its electric vehicle development, manufacturing and sales, while expanding sales and production of conventional gas-fueled hybrid vehicles, leveraging its more than 300 dealerships in China and Southeast Asia and current annual production capacity of 240,000 vehicles at its existing 13.85 million-square-foot production base in Jilin City, China. |
| ● | Expected net proceeds of up to approximately $127.8 million upon the closing (assuming no redemptions by DMAQ public shareholders) will enhance Chijet’s production capacity, new product research and development, working capital and expansion in Southeast Asia. |
| ● | Mr. Hongwei Mu, Chairman of Chijet, and the existing leadership team will lead the combined company. |
NEW YORK, NY, July 13, 2022 (GLOBE NEWSWIRE) — Deep Medicine Acquisition Corp. (NASDAQ: DMAQ) (“DMAQ”), a publicly traded special purpose acquisition company, today announced the signing of a definitive business combination agreement, dated July 12, 2022, with Chijet Motor Company, Inc. (together with its subsidiaries, the “Company” or “Chijet”), a leading Chinese automaker, which is developing next-generation electric vehicles and expanding its manufacturing capabilities. Chijet expects to use the transaction proceeds to fund the development and production of its planned next-generation electric vehicle, with sales expected to increase as new models are launched and two production facilities, occupying a total area of 8.47 million square feet with annual production capacity of 200,000 vehicles currently under construction in Xiangyang and Yantai, China, are completed.
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