Kandi Technologies Announces Share Buyback of Up to $20 Million
May 14 2019 - 8:33AM
Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or
"Kandi") today announced that its Board of Director has approved
the Company to implement a stock repurchase program to purchase up
to $20 million of the Company’s common stock between a certain
price range. The program is to be completed by the end of the 2019
calendar year.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi commented, “Given the fact that Kandi’s current
stock price is extremely undervalued, the Company has made a
decision to buy back up to $20 million worth of Kandi shares to
return value to our shareholders. The board of directors believes
that our share repurchase will be supported by our
shareholders.”
Kandi may repurchase shares of its common stock
from time to time on the open market or in privately negotiated
transactions pursuant to Rule 10b-5, Rule 10b5-1, Rule 10b-18 and
other applicable legal requirements of the SEC. The timing and
actual number of shares repurchased will depend on a variety of
factors including regulatory restrictions on price, manner, timing,
and volume, corporate and other regulatory requirements and other
market conditions in an effort to minimize the impact of the
purchases on the market for the stock. The program does not
obligate Kandi to acquire any particular amount of common stock and
depending on market conditions and other factors these purchases
may be commenced or suspended at any time without prior notice.
About Kandi Technologies Group,
Inc.
Kandi Technologies Group, Inc. (KNDI),
headquartered in Jinhua Economic Development Zone, Zhejiang
Province, is engaged in the research, development, manufacturing,
and sales of various vehicular products. Kandi conducts its primary
business operations through its wholly-owned subsidiary, Zhejiang
Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries,
SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the
United States and Kandi Electric Vehicles Group Co., Ltd. (the “JV
Company”). Kandi Vehicles has established itself as one of China's
leading manufacturers of pure electric vehicle parts and off-road
vehicles.
In 2013, Kandi Vehicles and Geely Group, China's
leading automaker, jointly invested in the establishment of the JV
Company in order to develop, manufacture and sell pure electric
vehicle ("EV") products. As of March 31, 2019, Geely Group
(including its affiliate) hold a 56.53%, and Kandi Vehicles holds
43.47% in the JV Company, pending a closing of a transfer of 22% of
the equity interests of the JV Company from Kandi Vehicles to a
Geely’s affiliate, resulting in Kandi Vehicles to hold 21.47% upon
the closing. The JV Company has established itself as one of
the driving forces in the development and the manufacturing of pure
EV products in China.
More information about KNDI is available on the
Company's corporate website at http://www.kandivehicle.com. The
Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements
that may include "forward-looking statements." All statements other
than statements of historical fact included herein are
"forward-looking statements." These forward-looking statements are
often identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involving known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Company Contact: Ms. Kewa Luo Kandi Technologies
Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com
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