Current Report Filing (8-k)
March 15 2021 - 8:47AM
Edgar (US Regulatory)
0001316517
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0001316517
2021-03-09
2021-03-09
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xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): March 9, 2021
KANDI TECHNOLOGIES GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
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001-33997
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90-0363723
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(State of Incorporation)
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(Commission File Number)
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(IRS Employer Identification)
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Jinhua City Industrial Zone
Jinhua, Zhejiang Province
People’s Republic of China
Post Code 321016
(Address of principal executive offices)
(86-579) 8223-9700
Registrant’s telephone number,
including area code
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
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☐
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 1 4a- 12 under the
Exchange Act (17 CFR 240.1 4a- 12)
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☐
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Pre-commencement communications pursuant to Rule 1 4d-2(b)
under the Exchange Act (17 CFR 240.1 4d-2(b))
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Pre-commencement communications pursuant to Rule 1 3e-4(c)
under the Exchange Act (17 CFR 240.1 3e-4(c))
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Securities registered pursuant to Section
12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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KNDI
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NASDAQ
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Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 9, 2021 (the “Closing
Date”), Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), a wholly-owned subsidiary of Kandi Technologies
Group, Inc. (the “Company”) sold 22% or all of its equity interests in Fengsheng Automobile Technology Group
Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”) for a total amount
of RMB308 million (approximately $47.3 million) (the “Transfer Price”).
According to the Equity Transfer Agreement
by and between Kandi Vehicles and Geely Technology Group Co., Ltd., 50% of the Transfer Price shall be paid within five business
days from the Closing Date and the balance of the Transfer Price shall be paid within six months from the Closing Date.
As a result of the completion of the updating
of the equity ownership of the Affiliate Company on the Closing Date with the Zhejiang Provincial Administration for Market Regulation,
Kandi Vehicles now owns no equity interests in the Affiliate Company and Geely and its affiliates own 100% of the equity interests
of the Affliate Company.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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KANDI TECHNOLOGIES GROUP, INC.
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Date: March 15, 2021
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By:
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/s/ Hu Xiaoming
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Name:
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Hu Xiaoming
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Title:
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Chief Executive Officer
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2
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