Kaixin Auto Holdings Announces Receipt of Nasdaq Letter Regarding Regaining Compliance with Minimum Bid Price Requirement
September 29 2023 - 7:00AM
Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN)
today announced the receipt of a notification letter dated
September 28, 2023 from the Listing Qualifications department of
the Nasdaq Stock Market (“Nasdaq”), notifying Kaixin that, the
Nasdaq Staff has determined that for the last 10 consecutive
business days, from September 15 through September 28, 2023, the
closing bid price of the Company’s ordinary shares has been at
$1.00 per share or greater. Accordingly, the Company has regained
compliance with Nasdaq Listing Rule 5550(a)(2).
About Kaixin Auto Holdings
Kaixin Auto Holdings is a leading new energy vehicle
manufacturer in China, equipped with professional teams with rich
experience in R&D, production, and marketing, and production
facilities with the capacity of stamping, welding, painting, and
assembly operations. Kaixin produces multiple electric passenger
and logistics vehicle models. The Company is committed to building
up a competitive international market position that integrates
online and offline presence and diversified business operations.
Leveraging the expertise of its professional teams and driven by
the inspiration for innovation and sustainability, Kaixin aims to
contribute to achieving the goals of "peak carbon emissions and
carbon neutrality".
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" and similar statements. Among other things,
the business outlook for 2021 and quotations from management in
this announcement, as well as Kaixin’s strategic and operational
plans, contain forward-looking statements. Kaixin may also make
written or oral forward-looking statements in its filings with the
U.S. Securities and Exchange Commission ("SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. 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 press release and in the attachments is as of the
date of this press release, and Kaixin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
Kaixin Auto Holdings Investor RelationsEmail:
ir@kaixin.com
SOURCE: Kaixin Auto Holdings
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