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Investing.com -- Kaixin Auto Holdings (NASDAQ:KXIN) stock fell 13.7% in after-hours trading Tuesday following the company’s announcement of a 1-for-30 share consolidation set to take effect on December 1, 2025.
The Chinese automotive company said its class A ordinary shares will continue trading on The Nasdaq Capital Market under the same "KXIN" symbol but with a new CUSIP number G5223X167. The consolidation will adjust the par value of each share from $0.045 to $1.35.
As part of the consolidation, every thirty shares of Kaixin’s ordinary shares will automatically be combined into one ordinary share. The company stated that all outstanding warrants and other equity rights will be proportionally adjusted to reflect the change.
Kaixin confirmed that no fractional shares will be issued during the consolidation process. Shareholders who would otherwise receive fractional shares will instead have their holdings rounded up to one full ordinary share.
Transhare Corporation, serving as both transfer agent and exchange agent for the consolidation, will provide instructions to shareholders of record who hold stock certificates regarding the exchange process. Shareholders holding shares in brokerage accounts or "street name" will not need to take any action to implement the exchange.
The significant after-hours decline reflects investor reaction to the substantial share consolidation ratio announced by the company.
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