Kaixin Auto Holdings Announces Receipt of Nasdaq Letter Regarding Minimum Bid Price

Core Viewpoint - Kaixin Auto Holdings has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, but it retains its listing status and has a 180-day period to regain compliance [1][2]. Group 1: Nasdaq Compliance Notification - Kaixin Auto Holdings was notified by Nasdaq that it failed to maintain a minimum bid price of $1 per share for 30 consecutive business days ending January 31, 2024 [1]. - The company has until July 30, 2024, to regain compliance with the minimum bid price requirement [1][2]. - If the closing bid price reaches at least$1.00 per share for 10 consecutive business days before the deadline, Nasdaq will confirm compliance [1]. Group 2: Additional Compliance Period - If Kaixin does not regain compliance by July 30, 2024, but meets other initial inclusion criteria, it may receive an additional 180-day compliance period [2]. - Failure to comply by the deadline without eligibility for an extension will result in a written notification of delisting from Nasdaq [2]. Group 3: Company Overview - Kaixin Auto Holdings is a prominent new energy vehicle manufacturer in China, focusing on R&D, production, and marketing [3]. - The company produces various electric passenger and logistics vehicle models and aims to establish a competitive international market position [3]. - Kaixin is committed to sustainability goals, including achieving peak carbon emissions and carbon neutrality [3].