Kaixin Auto Holdings Announces Change to its Board Members
July 28 2020 - 1:00AM
Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN),
one of the primary dealership networks in the premium used car
segment in China, today announced that Tianruo Pu has resigned from
Kaixin’s board of directors, effective July 27, 2020, in order to
focus on other business obligations.
Mr. Pu has served as chairman of the Audit Committee and of the
Compensation Committee of the Company since Kaixin Auto Group
consummated its business combination with CM Seven Star Acquisition
Corporation through a share exchange, on April 30, 2019.
Upon the departure of Mr. Pu, Mr. Lin Cong will be the only
independent director of the Company and the sole member of the
Company’s Audit Committee and Compensation Committee.
"On behalf of my fellow directors, the Company's management
team, and shareholders, I'd like to thank Tiaoruo for the
significant contributions he made during his service on Kaixin's
Board," said Mr. Joseph Chen, chairman of Kaixin. "We wish him the
best in his future endeavors."
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the primary dealership networks
in the premium used car segment in China. Supported by the rapid
growth of China's used car market and leveraging its own hybrid
business model that offers both strong online and offline presence,
Kaixin has transformed itself from a tech-enabled financing
platform into a nationwide dealer network that combines both
self-owned and affiliated dealers as well as value-added
services.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Kaixin may also
make written or oral forward-looking statements in its filings with
the U.S. Securities and Exchange Commission (“SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Kaixin’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and strategies; our future
business development, financial condition and results of
operations; the expected growth of the social networking site
market in China; our expectations regarding demand for and market
acceptance of our services; our expectations regarding the
retention and strengthening of our relationships with used auto
dealerships; our plans to enhance user experience, infrastructure
and service offerings; competition in our industry in China; and
relevant government policies and regulations relating to our
industry. Further information regarding these and other risks is
included in our other documents filed with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Kaixin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
Kaixin Auto Holdings
Randall Xu Tel: +86 (10) 8448-1818 Email:
randall.xu@renren-inc.com
SOURCE: Kaixin Auto Holdings
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