UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): ☐ Form 10-K ☒ Form 20-F ☐ Form 11-K ☐ Form 10-Q ☐ Form 10-D ☐ Form N-CEN ☐ Form N-CSR
For Period Ended: December 31, 2022
☐ Transition Report on Form 10-K
☐ Transition Report on Form 20-F
☐ Transition Report on Form 11-K
☐ Transition Report on Form 10-K
For the Transition Period Ended: _____________________________________
Read Instructions (on back page) Before Preparing Form. Please Print or Type.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I -- REGISTRANT INFORMATION
| Full Name of Registrant: | NWTN Inc. |
| Former Name if Applicable: | N/A |
| Address of Principal Executive Office (Street and Number): | c/o Alan Nan WU, Office 114-117, Floor 1, Building A1, Dubai Digital Park, Dubai Silicon Oasis, |
| City, State and Zip Code: | Dubai, UAE |
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed (Check box if appropriate)
| (a) | The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; | |
| ☒ | (b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |
| (c) | The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III -- NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The Registrant is unable to file its Form 20-F for the year ended December 31, 2022 within the prescribed time period without unreasonable effort or expense because the Registrant needs additional time to prepare the financial statements for the year ended December 31, 2022.
The Registrant anticipates that it will file its Form 20-F within the fifteen-day grace period provided by Rule 12b-25 of the Securities Exchange Act of 1934, as amended.
PART IV --OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification:
Alan Nan WU | (971) | 5-0656-3888 | ||
| (Name) | (Area Code) | (Telephone Number) |
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
☒ Yes ☐ No
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
☒Yes ☐ No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
For the year ended December 31, 2022, we had a net loss of approximately $39.6 million, which consisted of general and administrative expenses of approximately $22.0 million, selling expenses of approximately $1.3 million, research and development expenses of approximately $15.7 million, net interest expenses of approximately $0.05 million and changes in fair value of derivative warrant liabilities of approximately $0.2 million. For the year ended December 31, 2021, we had a net loss of approximately $13.1 million, which consisted of general and administrative expense of approximately $10.0 million, research and development expenses of approximately $0.7 million and net interest expense of approximately $2.0 million. For the year ended December 31, 2022, we had a comprehensive loss of approximately $32.2 million, as compared to a comprehensive loss of approximately $18.1 million for the year ended December 31, 2021. The amounts reported above are still under review by the Registrant’s independent registered public accounting firm and accounting consultants and may differ once reported in the Form 20-F to be filed by the Registrant.
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| NWTN Inc. | ||
| (Name of Registrant as Specified in Charter) |
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 1, 2023 | By: | /s/ Alan Nan WU |
| Alan Nan WU | ||
| Chief Executive Officer |
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