ORDINARY SHARES AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

ORDINARY SHARES AND RESTRICTED NET ASSETS [Abstract]

ORDINARY SHARES AND RESTRICTED NET ASSETS

NOTE 18 - ORDINARY SHARES AND RESTRICTED NET ASSETS

Ordinary shares

Immediately prior to the consummation of the Combination, there were 8,640,271 ordinary shares of NBG issued and outstanding. In connection with the closing of the Combination, CEGL issued 17,485,355 shares to CAG Cayman as consideration for the Combination. In 2022, 5,147 ordinary shares were exercised under the 2016 Share Incentive Option Plan, and 3,953,427 ordinary shares were issued for exercise of the investor warrants. As of December 31, 2022, the issued and outstanding ordinary shares are 30,084,200.

During the year ended December 31, 2023, investor warrants were exercised via cashless option by the investors for 360,710 ordinary shares of the Company. On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023. 383,868 ordinary shares were issued during the shares consolidation. As of December 31, 2023, the issued and outstanding ordinary shares are 30,828,778.

The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of CEGL. Each holder of ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote.

Restricted net assets

A significant portion of the Company’s operations are conducted through its PRC (excluding Hong Kong) subsidiaries. Due to restrictions on the distribution of share capital from the Company’s subsidiaries in PRC, total restrictions placed on the distribution of the Company’s PRC subsidiaries’ net assets were $nil as of December 31, 2023.