Kaixin Auto gets Nasdaq letter regarding minimum bid rule

Kaixin Auto Holdings announced the receipt of a notification dated February 1 from the Listing Qualifications department of the Nasdaq Stock Marke notifying Kaixin that, for the 30 consecutive business days ended January 31 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 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 July 30, to regain compliance with the Rule. If, at any time before July 30, 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.