Pipe Escrow Account (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jul. 01, 2024 |
Sep. 07, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Nov. 14, 2023 |
Aug. 29, 2023 |
Sep. 30, 2022 |
|
Pipe Escrow Account [Line Items] | ||||||||
Escrow account | $ 100.0 | |||||||
Transfer amount | $ 200.0 | |||||||
Pledgee minimum annual return | 15.00% | |||||||
Sum of amount credit into escrow account | $ 100.0 | |||||||
Annual return percentage | 15.00% | |||||||
Description of market share price | NWTN’s market share price (VWAP of 10 days,1 month, 3 months) and PIPE Investor’s share selling plan for the following 6 months, if any, is to be evaluated on a quarterly basis. At times of market price of NWTN’s shares drop below US$10.26 and the total difference between market price and US$10.26 (plus the shortage to make guaranteed 15%minimum annual return) exceeds the escrow account balance of US$100 million, NWTN should deposit additional funds to make up the difference. | |||||||
Funds redirected to operating account | $ 100.0 | |||||||
Amounts due from the Pledgors | $ 30.0 | |||||||
Financial expense | $ 10.0 | |||||||
NWTN [Member] | ||||||||
Pipe Escrow Account [Line Items] | ||||||||
Pledge description | To cover Pledgee’s PIPE investment in NWTN by reimbursing the Pledgee the difference between the sales price of Pledgee’s NWTN stocks in open market and the US$10.26 book value of Pledgee’s holding shares, if the sales price is lower than the US$10.26 book value, for a period of 24 months. | |||||||
Accrued interest rate | 15.00% | |||||||
PIPE Investors [Member] | ||||||||
Pipe Escrow Account [Line Items] | ||||||||
Accrued interest rate | 15.00% | |||||||
Financial expenses | $ 26.1 | $ 30.0 | $ 3.9 | |||||
Advance payments | $ 45.0 | $ 15.0 | ||||||
Amounts due from the Pledgors | $ 45.0 | $ 15.0 | ||||||
Loan agreement [Member] | ||||||||
Pipe Escrow Account [Line Items] | ||||||||
Interest rate | 10.00% | |||||||
Transfer amount | $ 10.0 | |||||||
PIPE Subscription Agreement [Member] | ||||||||
Pipe Escrow Account [Line Items] | ||||||||
Escrow account | $ 200.0 | |||||||
Minimum [Member] | NWTN [Member] | ||||||||
Pipe Escrow Account [Line Items] | ||||||||
Pledgee minimum annual return | 15.00% |