Jiangsu Daybright Intelligent Electric Co.,LTD. announced a private placement transaction of not more than 95,076,143 A shares for gross proceeds of not more than CNY 600,000,000 on February 28, 2023. The transaction will include participation from not more than 35 specific investors. The pricing reference date will be the first day of issuance. Issue price for the shares to be issued in the private placement shall not be lower than 80% of the average stock price 20 trading days before the pricing reference date. The securities to be issued in the transaction will have a lock-up period of six months since issuance date. The transaction has been reviewed and approved at the twenty-sixth meeting of the company's third board of directors, and it still needs to be approved by the company's shareholders' meeting, approved by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission.

On the same day, the company announced that the transaction has been approved by the shareholder's of the company in 26th meeting of the third board of directors and the 23rd meeting of the third board of supervisors.