Kandi Receives First Real Estate Repurchase Payment
05/26/2020
--RMB 244 million ($34.2 million) received—
--RMB 281 million still due upon meeting certain milestones--
JINHUA, CHINA – (May 26, 2020) – Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), announced that it received the first payment of RMB 244 million (US$34.2 million) on May 22nd, 2020 under the real estate repurchase agreementannounced on March 9th, 2020.
Under the agreement, Kandi is entitled to receive additional payments based on achieving certain milestones:
--RMB 281 million still due upon meeting certain milestones--
JINHUA, CHINA – (May 26, 2020) – Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), announced that it received the first payment of RMB 244 million (US$34.2 million) on May 22nd, 2020 under the real estate repurchase agreementannounced on March 9th, 2020.
Under the agreement, Kandi is entitled to receive additional payments based on achieving certain milestones:
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A second payment of RMB 119 million (USD $16.7 million) is due within 10 days of “restoration” of the land. “Restoration” is defined as full legal cancellation of the land use rights; transfer of the ownership rights to the factory buildings and other fixtures on the land; and the return of undeveloped parcels.
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A final payment of RMB 162 million (USD $22.7 million) will be due within 10 days of “return” of the land. “Return” is defined as completely vacating the land, factory buildings, and real estate and returning the factory and other real property to the Jinhua Economic and Technological Development Zone.
Kandi Chairman and CEO Hu Xiaoming commented: “We are pleased with our progress in this repurchase agreement with Jinhua Economic and Technological Development Zone. Considering the disruption from the COVID-19 crisis, receipt of the first milestone payment demonstrates that the deal remains on track. Thispaymentenhances our liquiditywhile enabling the next stage of our growth initiatives.”
Please refer the further details to Kandi’s press release dated March 9th. 2020.
http://en.kandivehicle.com/NewsDetail.aspx?newsid=372
