Kaixin Auto Holdings Announces $700 Million Intended

BEIJING, Aug. 04, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) pronounces at present that it has obtained a complete of $700 million of focused funding intentions from a number of institutional traders. The investments will take impact concurrently with Kaixin’s supposed acquisition of a brand new vitality automobile manufacturing firm. The traders intend to subscribe for the Company’s convertible most well-liked shares with a conversion value of a minimum of $2.0 per share, that are to be issued concurrent with the supposed acquisition transaction.

Since the institution of its new vitality automobile business division in August 2021, Kaixin has been actively searching for high-quality new vitality automobile producers as acquisition targets. The Company has already recognized a preliminary acquisition goal and been in lively negotiations with a variety of funding funds. The above talked about $700 million investments can be allotted to new vitality automobile business operations at completion of the supposed acquisition of the brand new vitality automobile manufacturing firm.

Mr. Mingjun Lin, Chairman and CEO of Kaixin, mentioned: “A large amount of capital would be necessary to support business operations of the acquired EV manufacturer. The securing of the $700 million investment intentions helps strengthen our position to accelerate the acquisition process. We expect to announce the target company in August.”

About Kaixin Auto Holdings

Kaixin Auto Holdings is likely one of the major dealership networks within the premium used automobile section and new automobile gross sales in China. Supported by the speedy development of China’s used automobile market and leveraging its personal hybrid business mannequin that gives each robust on-line and offline presence, Kaixin is within the course of of reworking from a nationwide dealerships community to one of many essential gamers in China’s electrical automobile market.

Safe Harbor Statement

This announcement might comprise forward-looking statements. These statements are made beneath the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements might be recognized by terminology reminiscent of “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Among different issues, the business outlook for 2021 and quotations from administration on this announcement, in addition to Kaixin’s strategic and operational plans, comprise forward-looking statements. Kaixin can also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission (“SEC”), in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic info, together with statements about Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties. Quite a few components may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: our targets and methods; our future business growth, monetary situation and outcomes of operations; our expectations concerning demand for and market acceptance of our companies; our expectations concerning the retention and strengthening of {our relationships} with auto dealerships; our plans to reinforce person expertise, infrastructure and repair choices; competitors in our trade in China; and related authorities insurance policies and rules regarding our trade. Further data concerning these and different dangers is included in our different paperwork filed with the SEC. All data supplied on this press launch and within the attachments is as of the date of this press launch, and Kaixin doesn’t undertake any obligation to replace any forward-looking assertion, besides as required beneath relevant regulation.

For extra data, please contact:

Kaixin Auto Holdings 
Investor Relations
Email: [email protected] 

SOURCE: Kaixin Auto Holdings