Chijet Motor Stock More Than Doubled On Wednesday - Here’s Why
Synopsis
The company stated that capital from its private placement offering will be utilized to fund its digital currency business initiatives, including the development of advanced infrastructure for secure digital asset custody.
Shares of Chijet Motor Company, Inc. (CJET) rose 142% on Wednesday after the company announced that it entered into a memorandum of understanding with certain institutional investors for an expanded private placement offering of up to $1 billion.
The capital will be utilized to fund the company’s digital currency business initiatives, including the development of advanced infrastructure for secure digital asset custody, the company said.
The company said that the expansion from the $20 million private placement announced in late September reflects institutional confidence in the company’s transformation into the high-growth digital asset custody and storage market. The primary business of Chijet is the development, manufacture, sales, and service of vehicles.
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