Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
August 24 2023 - 7:00AM
Edgar (US Regulatory)
null
Exhibit 99.1
Kaixin Auto Holdings Announces Annual General
Meeting Results
BEIJING, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin”
or the “Company”) (NASDAQ: KXIN) today announced that all resolutions presented to the shareholders at its annual general
meeting held on August 19, 2023 (the “Annual General Meeting”) were duly passed.
Accordingly, the Company will shortly announce the effectiveness of
the Share Consolidation, which was passed by the shareholders at the Annual General Meeting. Immediately after the Share Consolidation,
each shareholder’s percentage ownership interest in the Company will remain unchanged, except for minor changes and adjustments
that will result from the treatment of fractional shares. The rights and privileges of the holders of ordinary shares will be substantially
unaffected by the Share Consolidation. No fractional shares will be issued in connection with the Share Consolidation, and in the event
that a shareholder would otherwise be entitled to receive a fractional Share upon the Share Consolidation, the number of Shares to be
received by such shareholder will be rounded up to one ordinary share in lieu of the fractional share that would have resulted from the
Share Consolidation. Shareholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as
the effect of the Share Consolidation will automatically be reflected in their brokerage accounts.
The full text of each resolution was included in the notice of the
Annual General Meeting, which was filed with the Securities and Exchange Commission (the “SEC”) on Form 6-K on July 10, 2023
and is also available on the Company’s website ir.kaixin.com. Capitalized terms not otherwise defined in this announcement shall have
the meanings assigned to them in the Company’s notice of the Annual General Meeting dated July 10, 2023.
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the primary dealership networks in the
premium used car segment and new car sales in China. Supported by the rapid growth of China’s used car market and leveraging its own hybrid
business model that offers both strong online and offline presence, Kaixin is in the process of transforming from a nationwide dealerships
network to one of the important players in China’s electric vehicle market.
Safe Harbor Statement
This announcement may contain
forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” or other similar expressions. Statements that are not historical facts, including statements about
Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking
statement, including but not limited to the following: our goals and strategies; our future business development, financial
condition and results of operations; our expectations regarding demand for and market acceptance of our services; our expectations
regarding the retention and strengthening of our relationships with auto dealerships; our plans to enhance user experience,
infrastructure and service offerings; competition in our industry in China; and relevant government policies and regulations
relating to our industry. Further information regarding these and other risks is included in our other documents filed with the SEC.
All information provided in this announcement and in the attachments is as of the date of this announcement, and Kaixin does not
undertake any obligation to update any forward-looking statement, except as required under applicable law.
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