Chijet Motor Stock Plummets 20% Amid Shareholder Meeting Delay and Cryptocurrency Pivot Speculation

Chijet Motor Co. (CJET) shares tumbled 20% after announcing a delay in its 2025 Annual General Meeting, now scheduled for September 25 instead of September 22. The postponement follows the addition of two critical agenda items: a proposed 1-for-100 reverse stock split to regain Nasdaq compliance and a potential rebranding to "Digital Currency X Technology Inc."

The reverse split aims to boost the stock's sub-$0.10 price above Nasdaq's $1 minimum bid requirement. Meanwhile, the name change fuels speculation about a strategic shift from electric vehicles to cryptocurrency ventures, though management has yet to disclose specific plans.

Investors reacted swiftly to the uncertainty, driving trading volume sharply higher as the stock closed at $0.09. The proposed corporate actions require shareholder approval at the rescheduled meeting.