BEIJING, Sept. 30, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) declares at this time the receipt of a notification letter (the “Nasdaq Letter”) dated September 28, 2022, from the Listing Qualifications division of the Nasdaq Stock Market (“Nasdaq”), notifying Kaixin that, for the 30 consecutive business days ended September 27, 2022 the Company failed to satisfy the requirement of sustaining a minimal bid worth of $1 per share pursuant to Nasdaq Rule 5550(a)(2)(the “Rule”). The Nasdaq Letter doesn’t influence the Company’s itemizing on the Nasdaq Capital Market at the moment. In accordance with Nasdaq Rule 5810(c)(3)(A), the Company has a interval of 180 calendar days, or till March 27, 2023, to regain compliance with the Rule. If, at any time earlier than March 27, 2023, the closing bid worth of the Company’s frequent inventory is no less than $1.00 per share for a minimal of 10 consecutive business days, Nasdaq will inform the Company that the Company has regained compliance with the Rule.
If the Company doesn’t regain compliance with the Rule by March 27, 2023, however meets the Nasdaq Capital Market preliminary inclusion standards set forth in Nasdaq Listing Rule 5505, aside from the minimal $1.00 per share bid worth requirement, the Company might be granted a further 180-calendar day compliance interval. If the Company doesn’t regain compliance with the Rule by March 27, 2023, and isn’t eligible for a further compliance interval at the moment, Nasdaq Staff will then present a written notification to the Company informing that its frequent inventory might be delisted. At that point, the Company could enchantment the Nasdaq Staff’s delisting willpower to the Nasdaq Hearings Panel pursuant to the procedures set forth within the relevant Nasdaq Listing Rules.
The Company intends to watch the closing bid worth of the Company’s frequent inventory and contemplate its out there choices within the occasion that the closing bid worth of the Company’s frequent inventory stays beneath $1.00 per share.
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the first dealership networks within the premium used automobile section and new automobile gross sales in China. Supported by the fast development 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 1 of the essential gamers in China’s electrical car market.
Safe Harbor Statement
This announcement could 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 may be recognized by terminology resembling “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 may additionally 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 information, together with statements about Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties. A quantity of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: our objectives and methods; our future business improvement, monetary situation and outcomes of operations; our expectations relating to demand for and market acceptance of our companies; our expectations relating to the retention and strengthening of {our relationships} with auto dealerships; our plans to boost consumer expertise, infrastructure and repair choices; competitors in our business in China; and related authorities insurance policies and rules regarding our business. Further info relating to these and different dangers is included in our different paperwork filed with the SEC. All info offered 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
