Kaixin auto holdings announces receipt of nasdaq letter regarding minimum bid price

Beijing, sept. 30, 2022 (globe newswire) -- kaixin auto holdings (“kaixin” or the “company”) (nasdaq: kxin) announces today the receipt of a notification letter (the “nasdaq letter”) dated september 28, 2022, from the listing qualifications department of the nasdaq stock market (“nasdaq”), notifying kaixin that, for the 30 consecutive business days ended september 27, 2022 the company failed to meet the requirement of maintaining a minimum bid price of $1 per share pursuant to nasdaq rule 5550(a)(2)(the “rule”). the nasdaq letter does not impact the company's listing on the nasdaq capital market at this time. in accordance with nasdaq rule 5810(c)(3)(a), the company has a period of 180 calendar days, or until march 27, 2023, to regain compliance with the rule. if, at any time before march 27, 2023, the closing bid price of the company's common stock is at least $1.00 per share for a minimum of 10 consecutive business days, nasdaq will inform the company that the company has regained compliance with the rule.
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