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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
About this update from Kaixin Holdings
[{"type":"text","content":"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”). 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. 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. 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. 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 s...