Cenntro Inc. Enters into Exchange Agreement for Convertible Note

Cenntro Inc. has entered into an Exchange Agreement with About Investment Pte. Ltd. on October 23, 2025. The agreement involves the exchange of a senior secured convertible note originally issued on July 20, 2022, for a new secured convertible promissory note in the principal amount of $4,000,000. The new note carries an interest rate of 8% per annum and matures on January 19, 2026. In the event of default, the interest rate will increase to 10% per annum or the maximum rate permitted by law. The exchange was executed under Section 3(a)(9) of the Securities Act of 1933, which exempts the transaction from registration requirements. As part of the exchange, About Investment Pte. Ltd. has converted the note to purchase 12,000,000 shares of Cenntro Inc.'s common stock.