“Evergrand”: The subscription agreement with “IN-WTN”, based in Dubai, has ended.

The electric vehicle manufacturing company “Evergrand” stated that its agreement with “IN WTN” regarding participation in the public offering has ended, raising new doubts about the possibility of the Chinese company receiving cash injections.

The company revealed in a filed deposit on Monday that the parties to the subscription agreement with the automotive company “NTW” based in Dubai and listed on the NASDAQ Stock Exchange, did not agree to extend the completion dates of the deal, which ended on December 31, 2023.

After this news, “Evergrand” shares fell by approximately 18% early on Tuesday, marking the lowest daily trading level in three months in terms of percentage.

In October, TNT suspended the performance of its obligations related to its involvement in stocks, citing uncertainty about the parent company, China Evergrande Group.

As “Evergrand Auto” mentioned at that time, talks will continue between the relevant parties.

The plan of “NTW” was to invest 500 million dollars in exchange for a 28% stake in “Evergrand. The latter was supposed to use the funds to finance the expansion of its factory, which was delayed due to the financial problems faced by the parent company.

In a file last Monday, it was confirmed that the parties involved in the subscription of “IN TNT” and the loan transfer agreement will continue to negotiate amendments to some key terms of the deal.