Kaixin Signs Binding Term Sheet To Acquire EV Manufacturer

Kaixin Auto Holdings KXIN has signed a binding term sheet to acquire EV manufacturer Henan Yujie Times Automobile Co Ltd through new share issuance.
Henan Yujie specializes in small-size multi-function EVs.
The deal marks Kaixin's official entry into China's small size EV market and will be a notable M&A transaction after establishing the New Energy Vehicle Unit.
Henan Yujie's factory in Mengzhou has an annual production capacity of 150,000 vehicles.
Kaixin said it would negotiate further details of an acquisition agreement with Yujie consistent with the term sheet.
Price Action: KXIN shares traded higher by 0.62% at $3.27 on the last check Thursday.