Kaixin Holdings Announces Share Consolidation
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) ha annunciato una consolidazione delle azioni 1-per-60 che entrerà in vigore il 25 ottobre 2024. Le azioni ordinarie dell'azienda continueranno a essere quotate su Nasdaq con il simbolo 'KXIN' e un nuovo numero CUSIP G5223X159. Ogni sessanta azioni sarà automaticamente consolidata in una sola azione ordinaria, con le azioni frazionarie arrotondate. Le warrant e i diritti azionari outstanding saranno adeguati proporzionalmente. Gli azionisti con azioni in forma elettronica presso le società di intermediazione non devono intraprendere alcuna azione poiché le modifiche saranno riflesse automaticamente nei loro conti.
Kaixin Holdings (NASDAQ: KXIN) anunció una consolidación de acciones 1-por-60 que entrará en vigor el 25 de octubre de 2024. Las acciones ordinarias de la empresa continuarán cotizando en Nasdaq bajo el símbolo 'KXIN' con un nuevo número CUSIP G5223X159. Cada sesenta acciones se consolidará automáticamente en una sola acción ordinaria, redondeando las acciones fraccionarias. Los warrants y derechos de capital existentes se ajustarán proporcionalmente. Los accionistas con acciones en forma electrónica en las corredurías no necesitan tomar ninguna acción, ya que los cambios se reflejarán automáticamente en sus cuentas.
Kaixin Holdings (NASDAQ: KXIN)은 2024년 10월 25일부터 시행되는 1대 60 주식 통합을 발표했습니다. 회사의 보통주는 'KXIN'이라는 기호로 Nasdaq에서 계속 거래되며 새로운 CUSIP 번호는 G5223X159입니다. 60주가 자동으로 1주의 보통주로 통합되며, 분할 주식은 올림 처리됩니다. 미결제 워런트 및 자본 권리는 비례적으로 조정됩니다. 전자 형식의 주식을 보유하고 있는 주주들은 중개사에서 아무런 조치를 취할 필요가 없으며, 변경 사항은 자동으로 그들의 계좌에 반영됩니다.
Kaixin Holdings (NASDAQ: KXIN) a annoncé une consolidation d'actions 1 pour 60 qui prendra effet le 25 octobre 2024. Les actions ordinaires de la société continueront d'être négociées sur le Nasdaq sous le symbole 'KXIN' avec un nouveau numéro CUSIP G5223X159. Chaque soixante actions sera automatiquement consolidée en une action ordinaire, les actions fractionnaires étant arrondies. Les bons de souscription et les droits de propriété existants seront ajustés proportionnellement. Les actionnaires possédant des actions sous forme électronique auprès des sociétés de courtage n'ont pas besoin d'agir, car les modifications seront automatiquement reflétées dans leurs comptes.
Kaixin Holdings (NASDAQ: KXIN) hat eine 1-zu-60-Aktienkonsolidierung angekündigt, die am 25. Oktober 2024 wirksam wird. Die Stammaktien des Unternehmens werden weiterhin an der Nasdaq unter dem Symbol 'KXIN' gehandelt, mit einer neuen CUSIP-Nummer G5223X159. Alle sechzig Aktien werden automatisch in eine Stammaktie konsolidiert, wobei Bruchteile von Aktien aufgerundet werden. Ausstehende Warrants und Aktienrechte werden proportional angepasst. Aktionäre mit Aktien in elektronischer Form bei Brokerage-Firmen benötigen keine Maßnahmen zu ergreifen, da die Änderungen automatisch in ihren Konten reflektiert werden.
- None.
- Share consolidation (reverse split) typically indicates stock price concerns
- 1:60 ratio suggests significant share price decline necessitating consolidation
- Potential risk of not meeting Nasdaq listing requirements
Insights
This share consolidation (reverse split) is a significant development that warrants investor attention. The 1-for-60 ratio is notably steep, suggesting serious concerns about maintaining NASDAQ listing requirements. The consolidation will reduce the number of outstanding shares by a factor of 60, artificially boosting the share price but not changing the company's market value.
This aggressive reverse split often indicates underlying financial challenges. For existing shareholders, while their ownership percentage remains unchanged, the reduced float could lead to increased volatility and potentially worse liquidity. The timing and ratio suggest this is likely a desperate measure to maintain NASDAQ compliance, which requires maintaining a minimum bid price of
HANGZHOU, China, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Kaixin Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today announced that it will effect a share consolidation of its ordinary shares at a ratio of 1-for-60, effective on October 25, 2024 (the “Share Consolidation”). The Company’s ordinary shares are expected to begin trading on a post-consolidation basis at the open of the market session on October 25, 2024. Upon the market opening on October 25, 2024, the Company’s ordinary shares will continue to be traded on The Nasdaq Capital Market under the symbol “KXIN” with the new CUSIP number G5223X159.
As a result of the Share Consolidation, every sixty shares of the Company’s ordinary shares will be automatically consolidated into one ordinary share. Outstanding warrants and other outstanding equity rights will be proportionately adjusted to reflect the Share Consolidation. No fractional shares will be issued in connection with the Share Consolidation, and in the event that a shareholder would otherwise be entitled to receive a fractional share upon the Share Consolidation, the number of Shares to be received by such shareholder will be rounded up to one ordinary share in lieu of the fractional share that would have resulted from the Share Consolidation. Shareholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as the effect of the Share Consolidation will automatically be reflected in their brokerage accounts.
About Kaixin Holdings
Kaixin Holdings is a leading new energy vehicle manufacturer in China, equipped with professional teams with rich experience in R&D, production, marketing, and production facilities with the capacity for stamping, welding, painting, and assembly operations. Kaixin produces multiple electric passenger and logistics vehicle models. The Company is committed to building up a competitive international market position that integrates online and offline presence and diversified business operations. Leveraging the expertise of its professional teams and driven by the inspiration for innovation and sustainability, Kaixin aims to contribute to achieving the goals of “peak carbon emissions and carbon neutrality”.
Safe Harbor Statement
This announcement may contain 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" or other similar expressions. 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; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with 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 announcement and in the attachments is as of the date of this announcement, 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 Holdings
Investor Relations
Email: ir@kaixin.com
FAQ
What is the share consolidation ratio announced by Kaixin Holdings (KXIN)?
When will KXIN's share consolidation take effect?
Will KXIN shareholders need to take any action for the share consolidation?
What happens to fractional shares in KXIN's consolidation?
