What regulatory approvals are required in Pakistan and the UAE, and what is the timeline for obtaining them?

Regulatory clear‑ances needed

• Pakistan: The transaction must be cleared by the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) (if the share‑issuance will affect the free‑float of NWTI’s listed ADRs). A foreign‑direct‑investment approval from the Ministry of Finance/Board of Investment (BOI) is also required because the deal involves an asset contribution and a new manufacturing venture in the country.

• United Arab Emirates: The partnership will be anchored by an UAE‑based headquarters, so it needs approval from the UAE Securities and Commodities Authority (SCA) and the relevant free‑zone regulator (e.g., the Dubai International Financial Centre (DIFC) – DFSA or ADGM if the entity is set up there). A commercial‑license from the UAE Ministry of Economy is also required to operate the “global‑sales” function from the UAE.

Typical timeline for obtaining the approvals

*These estimates assume the parties submit a complete, compliant package of documents at the outset. Any material revisions or additional information requests can extend the schedule, but historically similar cross‑border joint‑venture structures in the region have cleared within the 1‑2 month windows noted above.

Trading implication

Because the approvals are expected to be secured within the next 1–2 months, the market will likely price in the upside of the partnership on the near‑term. If the timeline holds, the share‑issuance and asset contribution should be reflected in NWTN’s balance sheet by the end of Q4 2025, providing a catalyst for a short‑to‑medium‑term bullish move. Traders can consider a buy‑on‑breakout if the stock holds above the current resistance (~$12.50) as the approval dates approach, while keeping a stop just below the recent low (~$11.30) to guard against any regulatory delay‑related pull‑back.