Cenntro (NASDAQ:CENN) stock is on the move Friday as investors react to news of the electric vehicle (EV) company acquiring a stake in Antric.
That investment news has Cenntro taking a 25% stake in the company valued at $2.55 million. That investment is split down the middle between cash and a convertible loan with each being $1.275 million.
Antric is an e-cargo designer based out of Germany. Its current focus is on the development of Antric One. This is an auto-grade four-wheeled e-cargo bike that’s already gone through a successful pilot program in Europe.
CENN Stock: Why Invest in Antric?
The investment into Antric does more than just lend cash to the company. It also has Cenntro handling the manufacturing of the Antric One at its German factory. In addition to that, it will also handle the global marketing of the e-cargo bike.
Peter Wang, Chairman and CEO of Cenntro, said the following in a news release:
The Antric One’s design and mobility will serve as a unique complement to Cenntro’s product line of advanced, market-validated commercial vehicles, providing an innovative form of e-transport that can serve a wide range of applications.
CENN stock started off up in early morning trading today but is currently down almost 1% as of Friday morning.
There’s more recent stock market news traders will want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
