The decision to apply for the opening of the insolvency proceedings with the competent court follows the previously disclosed filing of the application for opening of insolvency proceedings by
This comes amidst a backdrop of recent adverse developments and challenges across the electric vehicle (“EV”) industry and volatility in the capital markets, exacerbated by the recent situation surrounding other players in the EV sector. Moreover, given the unfavorable market environment, the equity-based financing instruments that were secured by the Company could not perform to the expected level and pace; and despite significant efforts by the Company, the prevailing market conditions along with uncertainty across the EV sector have further significantly hindered the Company's ability to secure alternative funding as required under the local regulatory framework.
In light of this development and to ensure compliance with the local regulatory framework, the executive director has determined to initiate respective insolvency proceedings for
Throughout this process, the Company remains committed to work closely with all relevant parties to navigate the insolvency proceedings.
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