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Kaixin Holdings (KXIN) is a prominent auto retail platform specializing in luxury used cars and imported new cars. The company is renowned for its comprehensive involvement in the research and development, design, manufacturing, and sales of electric vehicles. Kaixin places a significant emphasis on the innovation of next-generation autonomous driving and artificial intelligence technologies.
Kaixin primarily generates revenues from the sales of used cars, along with fees from its role as a channel partner for third-party auto financing and other value-added services. The company's diversification into new energy vehicles marks a strategic transformation aimed at aligning with future industry trends. Kaixin produces a variety of electric passenger and logistics vehicle models and is equipped with professional teams experienced in R&D, production, marketing, and operations.
Recent achievements include the inclusion of Mr. Lei Gu, a seasoned expert in automobile R&D, into its high-caliber team. Under the leadership of Mr. Mingjun Lin, Chairman and CEO, Kaixin is steering towards becoming a new energy vehicle manufacturer. The company has also forged partnerships and expanded its operations internationally, notably with Myanmar's New Power Auto. This strategic move aims to stimulate China's automobile export growth and foster Kaixin's competitive international market position.
Kaixin's commitment to sustainability is evident in its efforts to contribute to the goals of peak carbon emissions and carbon neutrality. By leveraging its expertise and innovative drive, Kaixin is at the forefront of integrating online and offline presence and diversified business operations, setting a strong foundation for future growth and market expansion.
Kaixin Holdings (NASDAQ: KXIN) announced it is in advanced stages of evaluating the potential acquisition of a controlling stake in a Middle East-based cryptocurrency mining company. The target company operates BTC mining machines and provides cloud hosting services, benefiting from stable, cost-efficient energy supply. This strategic move represents Kaixin's exploration of new growth opportunities beyond its current position as a new energy vehicle manufacturer in China, where it produces electric passenger and logistics vehicles with integrated R&D, production, and marketing capabilities.
Kaixin Holdings (NASDAQ: KXIN) has announced receiving a notification from the Nasdaq Hearing Panel confirming its regained compliance with the minimum bid price requirement under Listing Rule 5550(a)(2). The company will be subject to a Mandatory Panel Monitor for one year from November 12, 2024. If Kaixin falls out of compliance with the Bid Price Rule during this period, it won't be permitted to provide a compliance plan or receive additional time to regain compliance, instead facing a potential delisting process with an opportunity for a new hearing.
Kaixin Holdings (NASDAQ: KXIN) announced a 1-for-60 share consolidation effective October 25, 2024. The company's ordinary shares will continue trading on Nasdaq under the symbol 'KXIN' with a new CUSIP number G5223X159. Every sixty shares will be automatically consolidated into one ordinary share, with fractional shares rounded up. Outstanding warrants and equity rights will be adjusted proportionally. Shareholders with shares in electronic form at brokerage firms don't need to take action as changes will be reflected automatically in their accounts.
Kaixin Holdings (NASDAQ: KXIN) announced that all resolutions presented at its extraordinary general meeting on October 1, 2024, were duly passed. The company will implement and announce the effectiveness of a Share Consolidation, primarily to regain compliance with Nasdaq's minimum price per share rule.
Key points:
- Share Consolidation aims to meet Nasdaq Marketplace Rule 5550(a)(2)
- Shareholders' percentage ownership will remain largely unchanged
- No fractional shares will be issued; fractional shares will be rounded up
- Shareholders with electronic holdings need not take action
Kaixin Holdings is a leading new energy vehicle manufacturer in China, focusing on electric passenger and logistics vehicles. The company aims to build a competitive international market position and contribute to carbon neutrality goals.
Kaixin Holdings (NASDAQ: KXIN), a leading new energy vehicle manufacturer in China, has received a temporary exception from the Nasdaq Hearings Panel to regain compliance with the Bid Price Rule by December 13, 2024. The company plans to hold an extraordinary general meeting on October 1, 2024 to obtain shareholders' approval for a reverse stock split, which it aims to effectuate by November 30, 2024.
To maintain its Nasdaq listing, Kaixin must meet specific milestones: obtain shareholder approval by October 1, implement the reverse split by November 30, and demonstrate a closing bid price of $1 or more for at least ten consecutive trading sessions by December 13. Failure to comply may result in delisting.
Kaixin Holdings (NASDAQ: KXIN) has received a delisting determination from Nasdaq due to non-compliance with the minimum bid price requirement. The company's stock closed below $0.10 for ten consecutive trading days, violating Nasdaq Listing Rule 5810(c)(3)(A)(iii). Kaixin has appealed the decision and requested a hearing scheduled for October 3, 2024. The appeal has temporarily stayed the delisting process.
To regain compliance, Kaixin is considering options including a reverse stock split, which shareholders will vote on at an extraordinary general meeting on October 1, 2024. The company had previously been granted extensions until January 27, 2025 to meet the $1 minimum bid price requirement. Kaixin operates as a new energy vehicle manufacturer and sales platform in China.
Kaixin Holdings (NASDAQ: KXIN), a leading new energy vehicle manufacturer in China, has announced its upcoming Extraordinary General Meeting (EGM) of shareholders. The EGM is scheduled for October 1, 2024, at 10:00 a.m. (Beijing time) in Hangzhou, China. The meeting aims to consider and approve resolutions outlined in the Company's Notice of Extraordinary General Meeting and Proxy.
Shareholders of record as of August 13, 2024 (Beijing time) are eligible to attend and vote at the EGM. Kaixin has also filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC, which is accessible on both the SEC's website and Kaixin's investor relations page.
Kaixin Holdings (NASDAQ: KXIN) announced receiving a Nasdaq Letter on July 31, 2024, regarding non-compliance with the minimum bid price requirement. Nasdaq has granted Kaixin an additional 180 calendar days, until January 27, 2025, to regain compliance by maintaining a closing bid price of at least $1 per share for a minimum of 10 consecutive business days. If compliance is not achieved by the deadline, Kaixin may face delisting, with the option to appeal to a Hearings Panel.
Kaixin Holdings is a leading new energy vehicle manufacturer in China, focusing on electric passenger and logistics vehicles. The company aims to build a competitive international market position and contribute to achieving carbon neutrality goals.
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