Kandi Technologies to Delay 10-Q Filing
05/11/2020
JINHUA, CHINA – (May11, 2020) – Kandi Technologies Group (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced thatit would delay the filing of its 2020Quarterly Report on Form 10-Q, which was originally due on May11, 2020. The impactin China of the current outbreak of COVID-19 has presented significant challenges and undue hardship and expense for the Company to file on a timely basis. The Company has elected to rely on the order issued by the U.S. Securities and Exchange Commission (“SEC”) on March 25, 2020 providing conditional relief to public companies that are unable to timely comply with their filing obligations as a result of the novel coronavirus.Considering the lack of time for the compilation, dissemination and review of the information required to be presented, the Company decided to rely on the SEC order and will endeavor to file the Quarterly Report no later than June 25, 2020, which is 45 days after the original due date.
The Company also reiterated its caution regarding potential impacts from the ongoing virus crisis. The current outbreak of COVID-19 has had a significant impact on the global economy and many industries, including the automobile and parts industry. Affected by COVID-19, we expect the first quarter of 2020 will see large revenue decrease on EV parts sales comparing to the corresponding quarter in 2019. We are actively monitoring the recent coronavirus outbreak and its potential impact on our supply chain and operations. Due to current and potential future port closures and other restrictions resulting from the outbreak, global supply may become constrained, which may cause the negative impact on our sale of off-road vehicles to the U.S. While we do not expect that the virus will have a material adverse effect on our business or financial results at this time, we are unable to accurately predict the impact that COVID-19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and effectiveness of the actions that may be taken by governmental authorities. The management has been closely monitoring the impact caused by COVID-19 and we will continue to operate our business as steadily and safely as we can.
The Company also reiterated its caution regarding potential impacts from the ongoing virus crisis. The current outbreak of COVID-19 has had a significant impact on the global economy and many industries, including the automobile and parts industry. Affected by COVID-19, we expect the first quarter of 2020 will see large revenue decrease on EV parts sales comparing to the corresponding quarter in 2019. We are actively monitoring the recent coronavirus outbreak and its potential impact on our supply chain and operations. Due to current and potential future port closures and other restrictions resulting from the outbreak, global supply may become constrained, which may cause the negative impact on our sale of off-road vehicles to the U.S. While we do not expect that the virus will have a material adverse effect on our business or financial results at this time, we are unable to accurately predict the impact that COVID-19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and effectiveness of the actions that may be taken by governmental authorities. The management has been closely monitoring the impact caused by COVID-19 and we will continue to operate our business as steadily and safely as we can.
