Company: CENN
Filing Date: 2025-04-18
Form Type: 8-K
Source: 0001140361-25-014587
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Company: Cenntro Inc.
Filing Date: 2025-04-18
Form: 8-K
Item: Item 1.01
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ITEM 1.01      Entry into a Material Definitive Agreement  

On April 15, 2025, Zhongchai Holding (Hong Kong) Limited (“ Zhongchai Hong Kong” or the “ Lender”), an indirect wholly owned subsidiary of Greenland
Technologies Holding Corporation, a business company formed in the British Virgin Islands ( “ Greenland Technologies”), entered into a loan agreement (the “ Loan Agreement”) by and between Greenland Technologies and Cenntro Inc., a Nevada corporation
( the “ Company” or the “ Borrower”), a related party of Greenland Technologies, which provides for the Company’s capacity to borrow up to $1.0 million as evidenced by a promissory note issued by the Company to the Lender dated as of April 15, 2025
(the “ Promissory Note”). The Company intends to use the proceeds received from the Promissory Note for working capital purposes. The Promissory Note has a maturity date of April 14, 2026, and accrues interest at a rate of 7.50% per annum. Upon the
occurrence of any Default (as defined in the Loan Agreement), the Lender is entitled to declare the debt, all interest and other amounts payable (the “ Default Sum”) under the Loan Agreement to be forthwith due and payable, or alternatively, demand
the Default Sum be converted into shares of common stock of the Company at the Conversion Price (as defined in the Loan Agreement). The Loan Agreement contains customary representations and warranties of the Company, and affirmative and negative
covenants for a transaction of this type.

As of the date of this current report on Form 8-K, Mr. Peter Zuguang Wang, the chief executive officer and chairman of the board of directors of the
Company and Greenland Technologies' director and chairman of the board of directors, beneficially owns 45.69% of Greenland Technologies' outstanding ordinary shares through Cenntro Holding Limited, a Hong Kong company. Accordingly, as the Lender
and the Company are related parties, the Loan Agreement, the Promissory Note and the transactions contemplated thereby constitute a related party transaction for Greenland Technologies within the meaning of Item 404 of Regulation S-K, and each of
the Loan Agreement and Promissory Note were reviewed and approved bythe audit committee of the Company’s board of directors, which consist solely of independent directors of the Company with no interest in
the transactions contemplated by the Loan Agreement or the Promissory Note. The negotiation