- Jiuzi Holdings Inc (NASDAQ:JZXN) subsidiary Hangzhou Jiuyao entered into an equity acquisition agreement to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co Ltd. The financial terms were not disclosed.
- The equity is acquired from Guangdong Huarui, a subsidiary of China automaker Geely Automobile Holdings Ltd (OTC:GELYY)
- Under the agreement, Hangzhou Jiuyao will acquire 72.05% equity interest in Huizhou Jiwo Automobile and will make an investment in the registered capital upon completion of the deal.
- Huizhou Jiwo Automobile is the sole authorized dealer for Geometry EVs in Huizhou city, Guangdong province.
- Jiuzi held $7.37 million in cash and equivalents as of October 31, 2021.
- Price Action: JZXN shares are trading higher by 25.9% at $1.66 on the last check Tuesday.
