Kandi Technologies Announces Share Buyback of Up to $20 Million
05/15/2019
Jinhua, China--(May 14, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") today announced that its Board of Director has approved the Company to implement a stock repurchase program to purchase up to $20 million of the Company’s common stock between certain price range. The program is to be completed by the end of the 2019 calendar year.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “Given the fact that Kandi’s current stock price is extremely undervalued, the Company has made a decision to buy back up to $20 million worth of Kandi shares to return value to our shareholders. The board of directors believes that our share repurchase will be supported by our shareholders.”
Kandi may repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions pursuant to Rule 10b-5, Rule 10b5-1, Rule 10b-18 and other applicable legal requirements of the SEC. The timing and actual number of shares repurchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock. The program does not obligate Kandi to acquire any particular amount of common stock and depending on market conditions and other factors these purchases may be commenced or suspended at any time without prior notice.
