Kaixin Auto Holdings Announces Change in Certifying Accountant
July 19 2019 - 11:45PM
Kaixin Auto Holdings (the “Company” or “Kaixin”); (Nasdaq: KXIN)
announced today that UHY LLP (“UHY”) on July 16, 2019 tendered its
resignation as the Company’s independent accountant.
UHY served as independent accountant for the
Company’s predecessor, CM Seven Star Acquisition Corporation, a
Nasdaq listed company traded with the symbol, CMSS, a blank check
company formed for the purpose of entering into a business
combination with one or more businesses. In accordance with common
practice following the completion of special purpose acquisition
company business combinations, such as the one consummated by
Kaixin’s predecessor CM Seven Star Acquisition Corporation, UHY has
resigned as the Company’s independent public accounting firm.
The Company has begun a search process to
identify UHY’s successor. The Company will disclose its engagement
of a new independent public accounting firm once the process has
been completed.
The reports of UHY on the Company’s consolidated
financial statements as of and for the years ended December 31,
2017 and 2018 did not contain an adverse opinion or a disclaimer of
opinion, and were not qualified or modified as to uncertainty,
audit scope or accounting principles. Such reports have not been
withdrawn or modified.
In addition, for the years ended December 31,
2017 and 2018 and through July 16, 2019, there were no (a)
disagreements with UHY on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to UHY’s
satisfaction, would have caused UHY to make reference to the
subject matter thereof in connection with its reports for such
years; or (b) reportable events that would be required to be
described under Item 16F(a)(1)(v) of Form 20-F in connection with
the Company’s annual report on Form 20-F.
About Kaixin Auto Holdings
Founded in 2015 as a venture into China’s used
car financing market by its corporate parent Renren Inc., Kaixin
Auto Group is a leading premium used car dealership 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 from a
tech-enabled financing platform into a nationwide dealer network
that combines its own and affiliated dealers as well as value-added
and after-sale services.
Important Notice Regarding
Forward-Looking Statements
This release may contain forward-looking
statements within the meaning of the U.S. federal securities laws.
These forward-looking statements generally can be identified by
phrases such as that we or our members of management “believe,”
“expect,” “anticipate,” “foresee,” “forecast,” “estimate” or other
words or phrases of similar import. Specifically, these statements
include, among other things, statements that describe our
expectations for the growth of our business, expansion into new
geographic markets, maintaining and expanding our relationship with
key retail partners, the financial impact of new sales contracts on
our revenue, our plan to make significant capital expenditure, and
other statements of management’s beliefs, intentions or goals. It
is uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do, what impact they will have on our results of operations,
financial condition, or the price of our ordinary shares. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in such forward-looking statements, including but not
limited to our ability to penetrate and increase the acceptance of
our product in new geographic markets; to perform our agreements
with customers and further develop our relationships with key
retail partners; our ability to recognize revenue from our
contracts; continued competitive pressures in the marketplace; our
reliance on a few customers for a substantial part of our revenue;
our ability to implement our plans, forecasts and other
expectations with respect to our business and realize additional
opportunities for growth; and the other risks and important factors
contained and identified in our filings with the Securities and
Exchange Commission. All forward-looking statements attributable to
us or to persons acting on our behalf are expressly qualified in
their entirety by these risk factors. Since we operate in an
emerging and evolving environment and new risk factors and
uncertainties emerge from time to time, you should not rely upon
forward looking statements as predictions of future events. Except
as required under the securities laws of the United States, we
undertake no obligation to update any forward-looking or other
statements herein to reflect events or circumstances after the date
hereof, whether as a result of new information, future events or
otherwise.
For more information, please visit:
http://ir.kaixin.com
For investor and media inquiries, please
contact:
In China: The Piacente Group, Inc. Ross Warner
Tel: +86 (10) 6508-0677 Email: Kaixin@tpg-ir.com
In the United States: The Piacente Group,
Inc. Jean Marie Young Tel: +1-212-481-2050 Email:
Kaixin@tpg-ir.com
Source: Kaixin Auto Holdings
Kaixin (NASDAQ:KXIN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kaixin (NASDAQ:KXIN)
Historical Stock Chart
From Sep 2023 to Sep 2024