Kaixin: Nasdaq Panel Grants Temporary Exception To Bid Price Rule

(RTTNews) - Kaixin Holdings (KXIN) said it received a letter from the Nasdaq Hearings Panel, indicating that the Panel has determined to grant the a temporary exception to regain compliance with Nasdaq Stock Market LLC's Bid Price Rule by December 13, 2024. The company plans to effectuate a reverse stock split by November 30, 2024, and to regain compliance with the Bid Price Rule by December 13, 2024. If the company fails to regain compliance with the Bid Price Rule by December 13, 2024, securities will be delisted.

Also, the temporary exception granted to the company is subject to the milestones. On or before October 1, 2024, the company shall obtain shareholders approval for a reverse stock split. On or before November 30, 2024, the company shall effect a reverse stock split.