JACKSON, Miss. (AP) – Mississippi officials are giving an electric car maker another month to obtain financing in China after the company missed a June payment on its $3 million state loan.
An Aug. 9 letter obtained by The Associated Press through a public records request shows the Mississippi Development Authority has given GreenTech until Nov. 7 to make the $150,000 payment originally due June 30.
The company says that it is raising money through a merger of its assets in China with another business, but that final approval from Chinese regulators has been delayed. Previously, GreenTech has raised money from Chinese people who can obtain U.S. residency by investing $500,000.
A 2015 report found a federal official broke ethics rules when he aided GreenTech’s visas. Among former insiders is Terry McAuliffe, now Virginia’s governor.