Kaixin Granted Temporary Exception to Comply With Nasdaq's Bid Price Rule

MT Newswires Live09-13

Kaixin (KXIN) said Friday it received a letter from the Nasdaq Hearings Panel, granting the company a temporary exception to comply with Nasdaq's bid price rule by Dec. 13.

To achieve compliance, Kaixin will hold an extraordinary general meeting on Oct. 1 to seek shareholder approval for a reverse stock split, which it plans to implement by Nov. 30.

The company must maintain a closing bid price of at least $1 for 10 consecutive business days before the December deadline.

If Kaixin fails to meet these milestones by Dec. 13, its securities will be delisted from Nasdaq.

Shares of Kaixin rose more than 2% in recent premarket trading.

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