Kaixin Auto Holdings Announces Annual General Meeting Results
August 24 2023 - 5:00AM
Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN)
today announced that all resolutions presented to the shareholders
at its annual general meeting held on August 19, 2023 (the “Annual
General Meeting”) were duly passed.
Accordingly, the Company will shortly announce the
effectiveness of the Share Consolidation, which was passed by the
shareholders at the Annual General Meeting. Immediately after the
Share Consolidation, each shareholder’s percentage ownership
interest in the Company will remain unchanged, except for minor
changes and adjustments that will result from the treatment of
fractional shares. The rights and privileges of the holders of
ordinary shares will be substantially unaffected by the Share
Consolidation. No fractional shares will be issued in connection
with the Share Consolidation, and in the event that a shareholder
would otherwise be entitled to receive a fractional Share upon the
Share Consolidation, the number of Shares to be received by such
shareholder will be rounded up to one ordinary share in lieu of the
fractional share that would have resulted from the Share
Consolidation. Shareholders who are holding their shares in
electronic form at brokerage firms do not need to take any action,
as the effect of the Share Consolidation will automatically be
reflected in their brokerage accounts.
The full text of each resolution was included in
the notice of the Annual General Meeting, which was filed with the
Securities and Exchange Commission (the “SEC”) on Form 6-K on July
10, 2023 and is also available on the Company's website
ir.kaixin.com. Capitalized terms not otherwise defined in this
announcement shall have the meanings assigned to them in the
Company’s notice of the Annual General Meeting dated July 10,
2023.
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 management in this announcement, as well as Kaixin’s strategic
and operational plans, contain forward-looking statements. Kaixin
may also make written or oral forward-looking statements in its
filings with the U.S. Securities and Exchange Commission ("SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. 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 press release and in the attachments is as of the
date of this press release, and Kaixin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
Kaixin Auto Holdings Investor RelationsEmail:
ir@kaixin.com
SOURCE: Kaixin Auto Holdings
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