Shenzhen Jiuzi and Maigesong Electric have signed an NDA, entering into negotiations regarding the M&A of Maigesong Electric

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Jiuzi New Energy Holding Group Co., Ltd.

Mar 18, 2024, 09:00 ET

HANGZHOU, China, March 18, 2024 /PRNewswire/ -- Shenzhen Jiuzi New Energy Holding Group Co., Ltd. (hereinafter referred to as "Shenzhen Jiuzi") and Shenzhen Maigesong Electric Technology Co., Ltd. (hereinafter referred to as "Maigesong Electric") officially signed a project confidentiality agreement, marking the entry into a substantial negotiation phase regarding the merger and acquisition of Maigesong Electric.

The signing of this NDA agreement is a significant step in Shenzhen Jiuzi's strategic development, indicating the company's further expansion and deepening in the new energy field. As a leader in the field of electrical technology, Maigesong Electric boasts strong research and development capabilities and market competitiveness. Its integration into Shenzhen Jiuzi will facilitate the sharing of resources and complementarity of strengths, jointly enhancing both parties' positions in the new energy and electrical technology markets. For Shenzhen Jiuzi, the acquisition of Maigesong Electric will further broaden its business scope and market share, strengthening its market competitiveness and innovative capabilities.

Maigesong Electric specializes in the design and development of embedded battery control systems, providing customers with products or key components through ODM or SKD models, as well as intellectual property licensing. It also provides comprehensive technical support and ancillary services. The company holds nearly a hundred patents and has obtained over ten system certifications, including UL (UL2054-2011) (U.S. safety standard for household and commercial batteries) and CB (IEC62133-2:2017) (EU safety certification for lithium-ion batteries used in portable electronic products). In 2018, Maigesong Electric received strategic financing from China Technology Industry Investment Management Co., Ltd., injecting fresh blood into its enterprise development. CEO of Maigesong Electric, Fan Xuejun, expressed that joining the Shenzhen Jiuzi family will bring more development opportunities and resource support, driving its business to achieve faster growth.

According to the signed confidentiality agreement, both parties will jointly protect commercial secrets and sensitive information during the merger and acquisition process, ensuring the smooth progress of the merger and acquisition negotiations. The signing of this confidentiality agreement not only lays a solid foundation for the subsequent merger and acquisition work of both parties but also further demonstrates their determination and confidence in the merger and acquisition cooperation.

Currently, Shenzhen Jiuzi and Maigesong Electric have conducted in-depth negotiations regarding the merger and acquisition matters, fully communicating and exchanging views on merger conditions, asset values, and business integration. Both parties have expressed that they will actively promote the merger and acquisition process based on the principles of equality, mutual benefit, and win-win development, jointly creating a brighter future.

In the future, Shenzhen Jiuzi and Maigesong Electric will continue to strengthen communication and cooperation, jointly promoting the smooth progress of the merger and acquisition work. At the same time, both parties will actively explore more cooperation opportunities to jointly promote industry development and progress.

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Jeremy Long
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SOURCE Jiuzi New Energy Holding Group Co., Ltd.