HANGZHOU, China, Aug. 22, 2024 — Kaixin Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN), a leading new energy vehicle manufacturer and sales platform in China, announced that it received a letter from Nasdaq on August 19, 2024, informing the Company that it did not meet Nasdaq Listing Rule 5810(c)(3)(A)(iii) due to its securities having a closing bid price of $0.10 or less for ten consecutive trading days. Consequently, Nasdaq determined to delist the Company’s securities from The Nasdaq Capital Market (the “Delisting Determination”).

On February 1, 2024, Nasdaq had notified the Company that the bid price of its listed securities had closed below $1 per share for 30 consecutive business days, violating Listing Rule 5550(a)(2). The Company was given 180 calendar days, until July 30, 2024, and then an additional 180 calendar days, until January 27, 2025, to regain compliance with the Rule.

The Letter stated that unless the Company appeals the Delisting Determination by August 26, 2024, trading of its ordinary shares will be suspended on August 28, 2024, and a Form 25-NSE will be filed with the SEC, delisting the Company’s securities from Nasdaq.

On August 21, 2024, the Company requested a hearing to appeal the Delisting Determination to a Hearings Panel of the Nasdaq (the “Panel”). The Panel scheduled the hearing for October 3, 2024. The hearing request has suspended the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision.

The Company is exploring options to regain compliance with the aforementioned rules, including seeking shareholder approval for a reverse stock split. As disclosed in the Form 6-K filed with the SEC on August 13, 2024, the Company has scheduled an extraordinary general meeting of shareholders on October 1, 2024 to vote on a reverse stock split, which will be implemented upon completion of administrative procedures required by the listing exchange.

About Kaixin Holdings

Kaixin Holdings is a leading new energy vehicle manufacturer in China, with professional teams experienced in R&D, production, marketing, and production facilities for stamping, welding, painting, and assembly operations. Kaixin produces various electric passenger and logistics vehicle models. The Company aims to build a strong international market presence through integrated online and offline operations and diversified business activities. Kaixin is committed to achieving the goals of “peak carbon emissions and carbon neutrality” through its professional teams and innovative approach.

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 Holdings
Investor Relations
Email: ir@kaixin.com

SOURCE: Kaixin Holdings