BEIJING, Nov. 04, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) at this time proclaims the signing of a share buy settlement with the shareholders of Morning Star Auto Inc. (“Morning Star”), in line with which Kaixin will purchase 100% fairness of Morning Star by issuing 100 million shares of Kaixin atypical shares.
Morning Star owns 100% fairness of Wuxi Morning Star Technology Co., Ltd. and Henan Yujie Times Automobile Co., Ltd. At completion of the acquisition, Kaixin will personal all property and business operations associated to the POCCO model of electrical automobiles (POCCO EV), which constitutes massive progress towards Kaixin’s profitable transformation into a brand new power automobile manufacturing firm.
Mr. Mingjun Lin, chairman and CEO of the Kaixin, mentioned: “The electric vehicles business is experiencing strong growth in China. Kaixin is committed to achieving accelerated transition into the EV industry through mergers & acquisitions and intensive investment to quickly gain the desired market share.”
About Kaixin Auto Holdings
Kaixin Auto Holdings is likely one of the main dealership networks within the premium used automobile section and new automobile gross sales in China. Supported by the fast progress of China’s used automobile market and leveraging its personal hybrid business mannequin that gives each sturdy 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 include forward-looking statements. These statements are made underneath the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology similar to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related 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, include forward-looking statements. Kaixin might 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. Various components might 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 techniques; our future business growth, monetary situation and outcomes of operations; our expectations concerning demand for and market acceptance of our providers; our expectations concerning the retention and strengthening of {our relationships} with auto dealerships; our plans to boost consumer expertise, infrastructure and repair choices; competitors in our trade in China; and related authorities insurance policies and laws regarding our trade. Further info concerning these and different dangers is included in our different paperwork filed with the SEC. All info 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 underneath relevant legislation.
For extra info, please contact:
Kaixin Auto Holdings
Investor Relations
Email: [email protected]
SOURCE: Kaixin Auto Holdings
