Business
Kandi Receives First Real Estate Repurchase Payment
--RMB 244 million ($34.2 million) received— --RMB 281 million still due upon meeting certain milestones-- JINHUA, CHINA, May 26, 2020 (GLOBE NEWSWIRE) --
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":" \n --RMB 244 million ($34.2 million) received— --RMB 281 million still due upon meeting certain milestones-- JINHUA, CHINA, May 26, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), announced that it received the first payment of RMB 244 million (US$34.2 million) on May 22nd, 2020 under the real estate repurchase agreement announced on March 9th, 2020. Under the agreement, Kandi is entitled to receive additional payments based on achieving certain milestones: A second payment of RMB 119 million (USD $16.7 million) is due within 10 days of “restoration” of the land. “Restoration” is defined as full legal cancellation of the land use rights; transfer of the ownership rights to the factory buildings and other fixtures on the land; and the return of undeveloped parcels. A final payment of RMB 162 million (USD $22.7 million) will be due within 10 days of “return” of the land. “Return” is defined as completely vacating the land, factory buildings, and real estate and returning the factory and other real property to the Jinhua Economic and Technological Development Zone. Kandi Chairman and CEO Hu Xiaoming commented: “We are pleased with our progress in this repurchase agreement with Jinhua Economic and Technological Development Zone. Considering the disruption from the COVID-19 crisis, receipt of the first milestone payment demonstrates that the deal remains on track. This payment enhances our liquidity while enabling the next stage of our growth initiatives.” Please refer the further details to Kandi’s press release dated March 9th, 2020.http://en.kandivehicle.com/NewsDetail.aspx?newsid=372 About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (\"Kandi Vehicles\") and its subsidiaries, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of...