Chijet Motor Company, Inc. (NASDAQ:CJET) saw its stock skyrocket 181.4% on Wednesday following news that the company signed a Memorandum of Understanding with institutional investors for an expanded private placement of up to $1 billion.
The commitment represents a massive increase from Chijet’s earlier $20 million private placement announced on September 26, marking a 50-fold boost in pledged capital. The company said the funds will support its strategic pivot into the digital asset custody and storage sector, including the development of secure infrastructure for handling digital assets.
“This extraordinary vote of confidence from our investors validates our strategic vision and execution capability,” said Melissa Chen, CEO of Chijet. “The 50-fold expansion of committed capital provides us with significant financial flexibility to develop secure crypto custody infrastructure and pursue strategic acquisitions in the rapidly growing digital asset storage ecosystem.”
Chijet’s shift toward digital currency initiatives represents a major change from its previous operations as a motor company. The dramatic surge in the stock price highlights investor enthusiasm for the company’s entry into the fast-growing digital asset market, which has seen increasing institutional interest.
The private placement is currently structured as a Memorandum of Understanding, with specific terms and the timeline for closing yet to be disclosed.
Chijet Motor Company stock price
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