Kaixin Holdings Announces Receipt of Nasdaq Letter Regarding Regaining Compliance with Minimum Bid Price Requirement
13 November 2024 - 1:06PM
Kaixin Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today
announced the receipt of a notification letter dated November 12,
2024 from the Hearing Panel of the Nasdaq Stock Market (the
“Hearing Panel”), notifying Kaixin that the Company has regained
compliance with the minimum bid price requirement in Listing Rule
5550(a)(2) (the “Bid Price Rule”), as required by the Hearing
Panel’s decision dated September 12, 2024.
In application of Listing Rule 5815(d)(4)(B), the Company will
be subject to a Mandatory Panel Monitor for a period of one year
from the date of the notification letter. If, within that one-year
monitoring period, the Nasdaq Staff finds the Company again out of
compliance with the Bid Price Rule that was the subject of the
exception, notwithstanding Rule 5810(c)(2), the Company will not be
permitted to provide the Staff with a plan of compliance with
respect to that deficiency and Staff will not be permitted to grant
additional time for the Company to regain compliance with respect
to that deficiency, nor will the company be afforded an applicable
cure or compliance period pursuant to Rule 5810(c)(3). Instead,
Staff will issue a Delist Determination Letter and the Company will
have an opportunity to request a new hearing with the initial Panel
or a newly convened Hearings Panel if the initial Panel is
unavailable. The Company will have the opportunity to
respond/present to the Hearings Panel as provided by Listing Rule
5815(d)(4)(C).
About Kaixin HoldingsKaixin 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 StatementThis 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
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