Kaixin auto holdings announces $700 million intended investments at conversion price of $2 and above for pending acquisition of new energy vehicle manufacturer

Beijing, aug. 04, 2022 (globe newswire) -- kaixin auto holdings (“kaixin” or the “company”) (nasdaq: kxin) announces today that it has obtained a total of $700 million of targeted investment intentions from several institutional investors. the investments will take effect simultaneously with kaixin's intended acquisition of a new energy vehicle manufacturing company. the investors intend to subscribe for the company's convertible preferred shares with a conversion price of at least $2.0 per share, which are to be issued concurrent with the intended acquisition transaction.
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