Cenntro Electric Group Ltd (NASDAQ: CENN) has signed a non-binding term sheet to make a strategic investment in Antric GmbH, a German-based e-cargo designer.
Cenntro will hold 25% of Antric's total outstanding shares with an investment of $2.5 million.
The investment consists of about €1.25 million in cash and €1.25 million in the form of a convertible loan.
Cenntro will manufacture the Antric One, an auto-grade four-wheeled e-cargo bike, at its assembly facility in Germany and market the bike globally.
Cenntro held cash and equivalents of $261.1 million as of December 31, 2021.
"The Antric One's design and mobility will serve as a unique complement to Cenntro's product line of advanced, market-validated commercial vehicles, providing an innovative form of e-transport that can serve a wide range of applications," said Chairman and CEO Peter Wang.
Price Action: CENN shares are trading higher by 0.02% at $1.4903 on the last check Friday.
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