J. Streicher Holdings LLC entered into a letter of intent to acquire 94.74% stake in Chanje Energy, Inc. from FDG Electric Vehicles Limited (SEHK:729) and FDG Strategic Investment Limited on March 19, 2020. The consideration includes $260 million subject to downward adjustment for actual deposit received and waiver of shareholder’s loan between FDG Electric Vehicles Limited and Chanje Energy, Inc. up to $32 million, 10% equity stake in a special purpose vehicle (SPV) to be set up by J. Streicher Holdings LLC in the form of common equity securities of the SPV, which shall be non-dilutive and remain at 10% prior to any qualified public offering of the SPV and additional payment of up to $100 million to FDG Strategic Investment Limited and FDG Electric Vehicles Limited upon completion of a successful initial public offering of the SPV or Chanje Energy, Inc. based on the market capitalisation of the initial public offering. Pursuant to the letter of intent, J. Streicher Holdings LLC is required to pay to Chanje Energy, Inc. the deposit in the aggregate sum of $12 million in three instalments. As evidence of payment of the first instalment of the deposit, once it is received by Chanje Energy, Inc. on the date of the letter of intent, Chanje Energy, Inc. shall issue a loan note in the sum of $4 million to J. Streicher Holdings LLC with a one year maturity from the date of issue of such note (maturity date). Subject to further negotiations and agreement with J. Streicher Holdings LLC, Chanje Energy, Inc. may issue a second loan note in the sum of $8 million to J. Streicher Holdings LLC maturing on the maturity date as evidence of payment of the second and the third instalments of the deposit. Under the transaction, J. Streicher Holdings LLC will acquire 45,000 common shares of Chanje Energy, Inc. FDG Strategic Investment Limited will sell 77.89% stake in Chanje Energy, Inc. while remaining will be sold by FDG Electric Vehicles Limited. Pursuant to the letter of intent, upon the receipt of the first instalment of the deposit by Chanje Energy, Inc., J. Streicher Holdings LLC will be granted an exclusivity period commencing from the date of the execution and delivery of the letter of intent and ending upon written notice of Chanje Energy, Inc. any time after the earlier of June 30, 2020 and the date that the SPV (or any of its affiliates) indicates in writing that it wishes to terminate negotiations with Chanje Energy, Inc. Pursuant to the letter of intent, in the event the letter of intent is terminated or closing of the disposal does not occur, Chanje Energy, Inc.grants to J. Streicher Holdings LLC a first right of refusal on any similar transaction or sale of Chanje Energy, Inc., in part or in total, for six months from the execution of the letter of intent. The transaction is subject to, among other things, the execution of the definitive agreement. J. Streicher Holdings LLC cancelled the acquisition of 94.74% stake in Chanje Energy, Inc. from FDG Electric Vehicles Limited (SEHK:729) and FDG Strategic Investment Limited on July 2, 2020.