Kaixin Auto Holdings Announces Receipt of Nasdaq Letter Regarding Minimum Bid Price
Kaixin Holdings - Ordinary Shares (KXIN)
Company Research
Source: GlobeNewswire
BEIJING, April 27, 2020 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN), one of the primary dealership networks in the premium used car segment in China, today announced the receipt of a notification letter (the “Nasdaq Letter”) dated on April 21, 2020 from the Listing Qualifications department of the Nasdaq Stock Market (“Nasdaq”), notifying Kaixin that, as of April 20, 2020, it failed to meet the requirement of maintaining a minimum bid price of $1 per share pursuant to Nasdaq Rule 5550(a)(2). In accordance with Nasdaq Rule 5810(c)(3)(A), the company has a period of 180 calendar days from the date of the Nasdaq Letter to regain compliance. Compliance can be achieved by having a closing bid price of at least $1.00 for a minimum of 10 consecutive business days during the applicable compliance period. Given the current extraordinary market conditions, Nasdaq has determined to toll the compliance periods for the bid price and market value of p
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