Kaixin Auto Holdings Announces Binding Acquisition Term Sheet with Morning Star and Joint Plans to Grow POCCO EV

September 26, 2022

https://www.globenewswire.com/news-release/2022/09/26/2522358/0/en/Kaixin-Auto-Holdings-Announces-Binding-Acquisition-Term-Sheet-with-Morning-Star-and-Joint-Plans-to-Grow-POCCO-EV.html

BEIJING, Sept. 26, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ:KXIN) announces today that it has signed a binding acquisition term sheet with Wuxi Morning Star Technology Co., Ltd. (“Morning Star”), who manufactures and operates the POCCO EVs. According to the term sheet, Kaixin intends to acquire 100% equity of Morning Star through new share issuance and makes it a wholly owned subsidiary.

Read more at globenewswire.com

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