Kaixin Auto Holdings (KXIN.US) temporarily granted Nasdaq exemption, plans reverse stock split to re-comply with minimum stock price requirements.

Chinese new energy vehicle manufacturer Kaixin Auto Holdings (KXIN.US) has been granted temporary relief by the Nasdaq stock market to reestablish compliance with the minimum bid price requirement in its listing rules. The company is planning to hold a special shareholder meeting on October 1, 2024, to obtain approval from shareholders for a reverse stock split plan. The objective of this plan is to complete the stock split by November 30, 2024, and ensure compliance with Nasdaq's bid price rules by December 13, 2024. If Kaixin Auto Holdings fails to regain compliance by this deadline, its securities may face the risk of delisting.