Chijet Motor Stock More Than Doubled On Wednesday - Here’s Why

Shares of Chijet Motor Company, Inc. (CJET) rose 126% on Wednesday after the company announced that it entered into a memorandum of understanding with certain institutional investors for an expanded private placement offering of up to $1 billion.

The capital will be utilized to fund the company’s digital currency business initiatives, including the development of advanced infrastructure for secure digital asset custody, the company said.

The company said that the expansion from the $20 million private placement announced in late September reflects institutional confidence in the company’s transformation into the high-growth digital asset custody and storage market. The primary business of Chijet is the development, manufacture, sales, and service of vehicles.

"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 CEO Melissa Chen said.

Last month, Chijet also announced the appointment of Jason Miller as Chief Operating Officer to spearhead the company’s transition into the digital currency era and integrate major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) into its balance sheet. Miller previously worked in senior strategy positions at blockchain and AI firms.

On Stocktwits, retail sentiment around CJET stock soared from ‘neutral’ to ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘normal’ to ‘extremely high’ levels.

CJET stock is down 84% this year and approximately 82% over the past 12 months. 

Read also: Ford US Sales Soar 8.2% In Q3 Over Strong Truck, SUV Demand

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