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 dated September 12, 2024 from the Nasdaq Hearings Panel ("Panel"), indicating that the Panel has determined to grant the Company a temporary exception to regain compliance with The Nasdaq Stock Market LLC's Listing Rule 5550(a)(2) (the "Bid Price Rule") by December 13, 2024. The Company is scheduled to hold an extraordinary general meeting on October 1, 2024 to obtain shareholders' approval for a reverse stock split. The Company aims to effectuate a reverse stock split by November 30, 2024, and to regain compliance with the Bid Price Rule by December 13, 2024.
The temporary exception granted to the Company is subject to the following milestones. In the event the Company fails to regain compliance with the Bid Price Rule by December 13, 2024, its securities will be delisted.
- On or before October 1, 2024, the Company shall obtain shareholders approval for a reverse stock split at a ratio that satisfies the minimum requirement in the Bid Price Rule;
- On or before November 30, 2024, the Company shall effect a reverse stock split and, thereafter, maintain a $1 closing bid price for a minimum of ten consecutive business days;
- On or before December 13, 2024, the Company shall have demonstrated compliance with the Bid Price Rule, by evidencing a closing bid price of $1 or more per share for a minimum of ten consecutive trading sessions.