Kaixin Holdings Announces Receipt of Nasdaq Delisting Determination and Submission of Appeal
Kaixin Holdings Announces Receipt of Nasdaq Delisting Determination and Submission of Appeal
HANGZHOU, China, Aug. 22, 2024 (GLOBE NEWSWIRE) -- 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").
中国杭州2024年8月22日讯-开心集团("开心"或"公司")(纳斯达克:KXIN)中国领先的新能源汽车制造商和销售平台,今日宣布收到纳斯达克股票市场有限责任公司("纳斯达克")于2024年8月19日的信函,表示公司不符合纳斯达克上市规则5810(c)(3)(A)(iii),因为公司证券连续十个交易日的收盘买盘价格小于0.10美元("信函")。信函指出,纳斯达克工作人员因此决定将公司证券从纳斯达克资本市场摘牌("摘牌决定")。
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.
根据此前的报道,2024年2月1日,纳斯达克通知公司其上市证券的买盘价格连续30个营业日都低于1美元,因此不符合上市规则5550(a)(2)("规则")。根据上市规则5810(c)(3)(A),公司被提供了180个日历日,即2024年7月30日,以及2024年7月31日,公司再增加了180个日历日,即2025年1月27日,来恢复规则要求的合规性。
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.
信函指出,除非公司在2024年8月26日之前请求对摘牌决定进行上诉,否则公司的普通股将于2024年8月28日开盘时停止交易,并将向美国证券交易委员会("SEC")提交Form 25-NSE,撤销公司的股票上市和注册。
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.
公司于2024年8月21日向纳斯达克("纳斯达克")的听证会议申请上诉摘牌决定。根据听证会议的通知,听证会定于2024年10月3日举行。上诉请求暂停了公司股票的停牌和Form 25-NSE的提交,直至听证会议作出决定。
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.
公司正在考虑所有可能的选择来恢复与上述规定的合规性,包括寻求股东批准进行股票拆分。 正如2024年8月13日提交给美国证券交易委员会的6-k表单中前述,公司已计划于2024年10月1日举行股东大会,以对股票拆分进行投票,合并将在根据上市交易所要求的行政程序完成后生效。
About Kaixin Holdings
关于开心控股 开心控股是中国领先的新能源车制造商,装备有拥有丰富研发、生产、营销经验的专业团队,生产设备具备冲压、焊接、喷涂、总装作业能力。开心控股生产多款电动乘用车和物流车型。公司致力于打造一个集线上线下、多元化业务运营的竞争性国际市场地位。凭借专业团队的专业知识和创新和可持续性的启示,开心控股旨在为实现“达到碳排放峰值和碳中和”的目标做出贡献。
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".
Kaixin控股是中国领先的新能源汽车制造商,拥有专业的研发、生产、营销团队以及压制、焊接、喷漆和装配生产设施。Kaixin生产多种电动客车和物流车型。公司致力于建立一个集线上线下、多元化业务的竞争性国际市场地位。凭借专业团队的专业知识并受创新和可持续性启发驱动,Kaixin旨在为实现“碳排放峰值和碳中和”目标做出贡献。
Safe Harbor Statement
Safe Harbor声明
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.
开心控股
For more information, please contact:
更多信息,请联系:
Kaixin Holdings
Investor Relations
Email: ir@kaixin.com
开心网控股集团
投资者关系
电子邮件:ir@kaixin.com
SOURCE: Kaixin Holdings
SOURCE: Kaixin控股