Kaixin Holdings Announces Receipt of Nasdaq Delisting Determination and Submission of Appeal
August 22 2024 - 4:00PM
Kaixin Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN), a
leading new energy vehicle manufacturer and sales platform in
China, today announced that it received a letter from The Nasdaq
Stock Market LLC (“Nasdaq”) dated August 19, 2024, indicating that
the Company was not in compliance with Nasdaq Listing Rule
5810(c)(3)(A)(iii), as the Company’s securities had a closing bid
price of $0.10 or less for ten consecutive trading days (the
“Letter”). The Letter indicated that, as a result, the Nasdaq staff
has determined to delist the Company’s securities from The Nasdaq
Capital Market (the “Delisting Determination”).
As previously reported, on February 1, 2024, Nasdaq notified the
Company that the bid price of its listed securities had closed at
less than $1 per share over the previous 30 consecutive business
days, and, as a result, did not comply with Listing Rule 5550(a)(2)
(the “Rule”). In accordance with Listing Rule 5810(c)(3)(A), the
Company was provided 180 calendar days, or until July 30, 2024, and
on July 31, 2024, the Company was provided an additional 180
calendar days, or until January 27, 2025, to regain compliance with
the Rule.
The Letter indicates that unless the Company requests an appeal
of the Delisting Determination by August 26, 2024, trading of the
Company’s ordinary shares will be suspended at the opening of
business on August 28, 2024, and a Form 25-NSE will be filed with
the Securities and Exchange Commission (the “SEC”), which will
remove the Company’s securities from listing and registration on
the Nasdaq.
The Company has submitted a request for a hearing to appeal the
Delisting Determination to a Hearings Panel of the Nasdaq (the
“Panel”) on August 21, 2024. As notified by the Panel, a hearing is
scheduled to be held on October 3, 2024. The hearing request has
stayed the suspension of the Company’s securities and the filing of
the Form 25-NSE pending the Panel’s decision.
The Company is considering all potential options available to
regain compliance with the aforementioned rules, including seeking
stockholder approval for a reverse stock split. As previously
reported on the Form 6-K filed with the SEC on August 13, 2024, the
Company has scheduled to hold an extraordinary general meeting of
shareholders on October 1, 2024 to vote upon a reverse stock split,
with the consolidation to take effect upon the completion of
administrative procedures pursuant to listing exchange
requirements.
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 HoldingsInvestor
RelationsEmail: ir@kaixin.com
SOURCE: Kaixin Holdings
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