03:05 PM EDT, 04/03/2024 (MT Newswires) -- Jiuzi Holdings ( JZXN ) entered into a non-binding letter of intent to acquire Shenzhen Maigesong Electric Technology, according to a statement Wednesday.

Under the terms of the non-binding letter of intent, Shenzhen Jiuzi will issue certain restricted shares to acquire the company and invest 30 million renminbi ($4.1 million) in Shenzhen Maigesong's rechargeable lithium battery production line after the purchase, the company said.

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