Kaixin Auto Holdings (KXIN) has released an update.
Kaixin Auto Holdings, now known as Kaixin Holdings, has entered into an amended and restated securities purchase agreement with Shangyue Limited, involving the transfer of equity of Kaixin Auto Group and the issue of new Series G Convertible Preferred Shares. The agreement, which has been revised to remove certain terms regarding share redemption, will result in the issuance of 12,800 Series G Convertible Preferred Shares at a stated value of $12,800,000 as part of the equity transfer transaction.
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