Kaixin Auto Holdings Announces Change to its Board Members
Kaixin Auto Holdings (NASDAQ: KXIN) announced on July 28, 2020, that Tianruo Pu has resigned from its board of directors, effective July 27, 2020, to focus on other business commitments. Pu served as the chairman of the Audit and Compensation Committees since the company's merger with CM Seven Star Acquisition Corporation in April 2019. Following his departure, Lin Cong remains the only independent director and the sole member of both committees. Kaixin operates a significant dealership network in China's premium used car market, leveraging a hybrid business model.
- Potential for fresh leadership perspectives with the change in board composition.
- Continued focus on expanding presence in China's fast-growing used car market.
- Loss of experienced leadership in Tianruo Pu, raising concerns about continuity and expertise within the board.
- Lin Cong now being the sole independent director may lead to governance concerns.
BEIJING, July 28, 2020 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN), one of the primary dealership networks in the premium used car segment in China, today announced that Tianruo Pu has resigned from Kaixin’s board of directors, effective July 27, 2020, in order to focus on other business obligations.
Mr. Pu has served as chairman of the Audit Committee and of the Compensation Committee of the Company since Kaixin Auto Group consummated its business combination with CM Seven Star Acquisition Corporation through a share exchange, on April 30, 2019.
Upon the departure of Mr. Pu, Mr. Lin Cong will be the only independent director of the Company and the sole member of the Company’s Audit Committee and Compensation Committee.
"On behalf of my fellow directors, the Company's management team, and shareholders, I'd like to thank Tiaoruo for the significant contributions he made during his service on Kaixin's Board," said Mr. Joseph Chen, chairman of Kaixin. "We wish him the best in his future endeavors."
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the primary dealership networks in the premium used car segment in China. Supported by the rapid growth of China's used car market and leveraging its own hybrid business model that offers both strong online and offline presence, Kaixin has transformed itself from a tech-enabled financing platform into a nationwide dealer network that combines both self-owned and affiliated dealers as well as value-added services.
Safe Harbor Statement
This announcement contains 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. 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; the expected growth of the social networking site market in China; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with used 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
Randall Xu
Tel: +86 (10) 8448-1818
Email: randall.xu@renren-inc.com
SOURCE: Kaixin Auto Holdings
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