Kandi Technologies announces share buyback program of up to $30M

Kandi Technologies announced that its Board of Director has authorized a stock repurchase program to purchase up to $30 million of the Company’s common stock. The repurchase program is expected to be completed by the end of 2024, with progress updates disclosed in its quarterly reports on Form 10-Q and its annual reports on Form 10-K covering the periods during which such repurchases take place. Hu Xiaoming, Chairman of Kandi, stated, “We believe the market is undervaluing Kandi, primarily because investors may not fully grasp the exciting growth prospects of our all-electric off-road vehicle business. To demonstrate our confidence and maximize shareholder value, we have decided to initiate a share buyback. This decision reflects our belief in our liquidity and business potential, affirming our commitment to creating value for our shareholders.”