Business
Kaixin Auto Holdings Announces $700 Million Intended Investments at Conversion Price of $2 and Above for Pending Acquisition of New Energy Vehicle Manufacturer
BEIJING, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has obtained a total of
About this update from Kaixin Holdings
[{"type":"text","content":"BEIJING, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has obtained a total of $700 million of targeted investment intentions from several institutional investors. The investments will take effect simultaneously with Kaixin’s intended acquisition of a new energy vehicle manufacturing company. The investors intend to subscribe for the Company’s convertible preferred shares with a conversion price of at least $2.0 per share, which are to be issued concurrent with the intended acquisition transaction. Since the establishment of its new energy vehicle business department in August 2021, Kaixin has been actively seeking high-quality new energy vehicle manufacturers as acquisition targets. The Company has already identified a preliminary acquisition target and been in active negotiations with a number of investment funds. The above mentioned $700 million investments would be allocated to new energy vehicle business operations at completion of the intended acquisition of the new energy vehicle manufacturing company. Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: \"A large amount of capital would be necessary to support business operations of the acquired EV manufacturer. The securing of the $700 million investment intentions helps strengthen our position to accelerate the acquisition process. We expect to announce the target company in August.\" About Kaixin Auto Holdings Kaixin Auto Holdings is one of the primary dealership networks in the premium used car segment and new car sales in China. Supported by the rapid growth of China's used car market and leveraging its own hybrid business model that offers both strong online and offline presence, Kaixin is in the process of transforming from a nationwide dealerships network to one of the important players in China’s electric vehicle market. 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\" and similar statements. Among other things, the business outlook for 2021 and quotations from ...