DUBAI, UAE, May 10, 2024
/PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility
technology company bringing passenger-centric green premium
mobility solutions to the world ("NWTN" or the "Company"), today
issues this announcement to its shareholders.
The company has seen a significant increase in its shares'
volatility in the last few days.
The company would like to remind its shareholders that they can
ask their brokerages NOT to lend their shares in order to reduce
the number of shares being sold short. The public float of the
company shares is still relatively small. Thus, an increase in
short selling could quickly drive the share price down.
If shares are currently loaned out by brokerage firms or
otherwise held in margin accounts, shareholders can contact their
brokers to have their shares recalled, if they do not want to make
their shares available for lending.
After recalling their shares, shareholders can then hold their
shares in a cash account, opt out of any securities lending
programs, or move their shares into book entry at the Company's
transfer agent, Continental Stock Transfer & Trust Company.
If investors decide to instruct their brokers not to make their
shares available for lending, the following is a sample of the
language they can use in their email or letter to their
brokerage:
[Broker Name]
[Broker / Brokerage Address] or [Broker / Brokerage Email]
My Account [Account Number]
Dear Sir or Madam:
Please accept this written instruction to ensure that the
following securities are held in my cash account only. I hereby
expressly opt-out of any securities lending programs and instruct
you to not loan out any of my shares. Additionally, as applicable,
please immediately recall any shares that are currently on
loan.
[Number] shares of NWTN Inc.
Please confirm receipt and compliance with this request.
Additional Information About Moving Shares Out of Brokerage
Accounts
Please note that investors may incur certain costs in connection
with transferring shares out of a brokerage account and, once their
shares are moved out of a brokerage account, transferring these
shares back to a brokerage firm for sale may be a longer process.
Additionally, holding shares in physical certificate form, should
an investor so choose, involves risk of loss or destruction where a
bond of indemnity is required to replace the certificate(s).
Not Investment Advice
The information in this release does not constitute or purport
to be investment advice. The Company encourages investors to speak
with their financial advisor(s) about any transactions and
strategies such as using cash accounts to hold their securities
instead of margin accounts and the lack of liquidity resulting from
or costs of transferring and holding their shares at the Company's
transfer agent to ensure they are appropriate for the investors'
individual circumstances.
About NWTN
NWTN is a pioneering green energy company dedicated to providing
passenger-focused, premium electric vehicle products and green
energy solutions to customers worldwide.
Headquartered in Dubai, United
Arab Emirates (UAE), NWTN has a full vehicle assembly
facility in Abu Dhabi and a supply
chain manufacturing base in Jinhua, China.
NWTN is committed to the future of mobility solutions that
integrate pioneering design, personalized lifestyles, Internet of
Everything (IoT), autonomous driving technology and the eco-system
of green energy.
Investor Relations Contact:
Investor Relationships
Email: IR@nwtn.ae
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SOURCE NWTN Inc.