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Kaixin Auto Holdings (KXIN) stock surged in the after hours trading session; here’s why

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In the after-hours trading session, Kaixin Auto Holdings (KXIN) stock had surged by 6.75% to $2.53, at the last check. KXIN stock previously closed the session at $2.37. The KXIN stock volume traded 1.42 million shares today. In the past year-up-to-date, the KXIN stock had surged by 175.65% and in the past week, the shares moved up by 9.72%. In the past three and six months, the KXIN stock had shed -43.97% and -21.26%. Furthermore, Kaixin Auto Holdings is currently valued in the market at $151.70 million and has 41.72 million outstanding shares.

What you need to know about Kaixin Auto Holdings

Kaixin Auto Holdings is an auto & truck dealer-ship company that specifically focuses on one of the primary dealership networks with a niche of specialization in the premium used car segment. The auto company markets and runs its operations in China.

The company has established a strong business model that incorporates a wide network of physical retail shops as well as pandemic-led-boost of digital online business.

The organization Kaixin has changed from a tech-empowered financing stage into a cross-country seller network that joins its own and associated vendors just as worth added administrations.

Kaixin has changed the member of its Board of Directors and its chairman

Mr. Joseph Chen has resigned from Kaixin’s board of directors with effect from May 9, 2021. The Kaixin Auto Holdings made the announcement public on 13th May 2021; Mr. Joseph Chen has served as a director and the chairman of the Board since Kaixin’s establishment. The reasoning behind the resignation is in order to pursue focus on other business obligations. In his stead, Mr. Mingjun Lin has been appointed as the chairman of the board as well as director. Two more members became directors of the Board namely Mr. XiaoleiGu and Mr. Deqiang Chen with effect from 9th May 2021.

Shareholders approve the resolutions passed in the special meeting

There was a special shareholders’ meeting held on 7th of May. The purpose of the SS meeting was to hear across the shareholders and members what the different agenda items were and to approve them or not. The following were the agenda presented in front of the shareholders upon which they required resolution;

  • Each authorized issued and unissued Ordinary share of a par value of $0.0001 is proposed to be split into 2 shares with half the par value of the original previous mentioned value. This will allow the authorized share capital of the company to be equal to $50,000 with 1,000,000,000 ordinary shares.
  • as a unique resolution that the as of now compelling Second Amended and Restated Memorandum and Articles of Association of the Company be revised and rehashed by the complete cancellation and the replacement in their place of the Third Amended and Restated Memorandum and Articles of Association.

These agendas had reached a resolution and approval from the shareholders present in the meeting and it was announced the same day as the meeting.

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