Kaixin Auto Holdings Announces Supplementary Acquisition Agreement with Morning Star and Expects Completion of the Acquisition in August 2023
11 July 2023 - 9:00PM
Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN)
today announces that the Company has signed a supplementary
acquisition agreement with Morning Star Auto Inc (“
Morning
Star”) and expects completion of the Morning Star
acquisition in August 2023.
Mr. Mingjun Lin, chairman and CEO of Kaixin, said:
"Kaixin and Morning Star have reached a more flexible cooperation
plan on the acquisition conditions. The Morning Star acquisition
will greatly accelerate Kaixin's strategic transition into the new
energy vehicle business. We look forward to achieving excellent
results in the production and sales of new energy vehicles in the
second half of the year!"
Mr. Lei Gu, chairman of Morning Star, said: "The
Morning Star's factory in Henan has been operating at normal
production capacity. The successful acquisition by Kaixin will
effectively boost our production to a larger scale. New energy
vehicles will become the most important segment of Kaixin’s
business lines!"
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.
SOURCE: Kaixin Auto Holdings
For more information, please contact:
Kaixin Auto Holdings
Investor Relations
Email: ir@kaixin.com
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