Jiuzi Holdings Terminates Deal Negotiations With Shenzhen Maigesong

Dow Jones11-23

By Stephen Nakrosis

Jiuzi Holdings said on Friday it terminated acquisition negotiations with battery company Shenzhen Maigesong Electric Technology on an amicable basis.

In April the maker of electric vehicles said its Shenzhen Jiuzi New Energy Holding Group subsidiary entered into a non-binding letter of intent to acquire Shenzhen Maigesong.

The parties couldn't reach consensus on issues including a cooperation model, resource integration approach and strategic objectives, Jiuzi said.

The experience offered a number of insights, Jiuzi said, including a stronger understanding of industry trends and an optimized approach to resource allocation.

Shares of Jiuzi rose following the news 6.7% to $1.43 per share in the after-hours market.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 22, 2024 16:35 ET (21:35 GMT)

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