77.4 F
New York
Thursday, July 29, 2021

Kaixin Auto [NASDAQ: KXIN] Stocks Are One Fire. Here’s Why

Must read

Digital Realty [NYSE: DLR] Considering Developing 64 MW Facility in South Korea

Digital Realty Trust, Inc. has shown its intention to build the 64-megawatt facility in Seoul, South Korea. The firm has decided that the...

Why Shares of IZEA Worldwide [NASDAQ: IZEA] Skyrocketing Today?

Shares of IZEA Worldwide, Inc. surged 8.10% at the time of writing on Wednesday. The strong performance of the firm has highlighted the...

BIT Mining [NYSE: BTCM] Ink Purchase Agreement to Buy Bitcoin Mining Machine

BIT Mining Limited has inked a purchase agreement to increase the fleet of bitcoin mining machines. As per the new purchase agreement, the...

Dyadic International [NASDAQ: DYAI] Inks Licensing Agreement with the Rubic Consortium

Dyadic International, Inc. disclosed that it has inked a COVID-19 vaccine technology transfer and licensing agreement with the Rubic Consortium. It has been...

Kaixin Auto Holdings [NASDAQ: KXIN] has disclosed today that it has entered into a ‘Binding Term Sheet’ with Haitaoche Limited on November 3, 2020. The company has also announced changes to its senior management team.

As per the terms and conditions of the Binding Term Sheet, Haitaoche & the newly formed wholly-owned subsidiary of Kaixin will be merged. After the merger, Haitaoche will continue its operations as the wholly-owned subsidiary of Kaixin.

Kaixin Auto revealed that it will provide a number of ordinary shares of Kaixin to Haitaoche’s shareholders. They will receive 51% of share capital after the closing of the merger.

Shares of Kaixin Auto Holdings [NASDAQ: KXIN] soared 79.42% at 4.930 at the time of writing on Thursday. It has a trading volume of 14.17 million as compared to the average volume of 6.51 million.

Kaixin has a 52-weeks low range of $0.40 and a high range of $13.40. It has traded up 592.33% from its 52-weeks low and traded down -79.33% from its 52-weeks high.

Turning our focus on its liquidity, it has a current ratio of 1.00 and a quick ratio of 0.60. KXIN market capitalization has remained high, hitting 183.07 million at the time of writing.

Now look at the company’s Binding Term Sheet with Haitaoche, Haitaoche will involve the company in the business of selling its vehicles as part of the merger. It is also planning to involve the company in other projects after the merger.

Haitaoche is best known as the e-commerce platform for imported automobiles. It is a Chinese-based company that is currently trying to become the largest retailer platform for the automobile in China.

After the execution of transaction, the shareholders of Haitaoche will be able to appoint a majority of directors of Kaixin.

Now, look at the management changes which both companies have made after the agreement. Mr. Jinfeng Xie & Mr. Chen Ji will leave their position from November 3, 2020. Mr. Chen Ji was the CEO and Mr. Jinfeng Xie was the COO of Kaixin.

Hence, the Boards of Directors of the company has named Mr. Mingjun Lin as the company’s acting CEO, effective as of November 3, 2020. Mr. Mingjun Lin is the founder of Haitaoche.

He has keen experience in automotive internet media. He has served in senior management positions in Tencent and TOM before founding Haitaoche.

More articles

Latest article

Binance, FTX Cut Leverage Limits on Crypto Futures Trading to 20x

Two major cryptocurrency trading platforms Binance Futures and FTX disclosed on Monday that they both have made a remarkable decision related to the crypto...

TD Holdings [NASDAQ: GLG] Inks Letter of Intent with Guangdong Jinbochuang

TD Holdings, Inc. has inked a letter of intent (LOI) with Guangdong Jinbochuang Special Purpose Vehicle Co., Ltd. and (Jinbochuang) and Hunan Jinmeike...

ASGN [NYSE: ASGN] Acquire IndraSoft Inc

ASGN Incorporated disclosed that it has acquired IndraSoft Inc. IndraSoft Inc has gained recognition as a prominent cybersecurity and digital transformation solutions offeror...

Link Reservations Decides to Accept Bitcoin/Crypto Payments

Link Reservations Inc disclosed Friday that it has decided to start accepting Bitcoin and cryptocurrency payments. This is the major breakthrough for the firm...

Athene [NYSE: ATH] Announces Acquisition of Foundation Home Loans

Athene Holding Ltd. disclosed on Thursday that it has inked a definitive agreement to purchase Foundation Home Loans (FHL). FHL had a £3...

Ping [NYSE: PING] and Anexinet Announces Partnership

Ping Identity Holding Corp. and Anexinet Corporation have both entered into a partnership agreement. The collaboration will integrate Ping Identity’s centralized Identity Access...

Digital Realty [NYSE: DLR] and Brookfield Announces Joint Venture

Digital Realty Trust, Inc.   and Brookfield Infrastructure Partners L.P. and its institutional partners disclosed on Wednesday that they have launched a 50/50 joint...

Red Cat [NASDAQ: RCAT] Announces Acquisition of Teal Drones

Red Cat Holdings, Inc. has inked an agreement on Tuesday to buy Teal Drones in an all-stock transaction. This acquisition will add Teal...