JINHUA, China, November 24, 2020 -- Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (NASDAQ GS: KNDI), today announced that it closedtheregistered direct offeringof 8,849,560 units (the “Units”) of its securities at a purchase price per Unit of $11.30on November 23, 2020, as previously announced on November 20, 2020.  The offering generated aggregate gross proceeds to the Company of approximately $100 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company.  EachUnit consisted of one share of our common stock, and 0.4 warrants to purchase a share of our common stock.  The warrants have an exercise price of $14.50 per share, a term of 30 months,are exercisable upon issuance.  The Company issued a total of 8,849,560shares of common stockand warrants for the purchase of up to 3,539,825shares of common stockto the investors in the offering.

The net proceeds from this offering will be used for general working capital purposes including research and development for EV sports car models andexpenditures necessary to ensure that our EV models comply with all necessary requirements forthe entry into the U.S. market.  

FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.

Pryor Cashman LLP acted as counsel to the Company and Schiff Hardin LLP acted as counsel to the placement agent in connection with the offering.PacGate Law Group provided due diligence services to the placement agentin connection with the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. All offers were made only by means of a prospectus, including a prospectus supplement pursuant to the Company’s effective shelf registration statement and base prospectus contained therein. The shelf registration statement (SEC Filing No. 333-249585) relating to the offering was filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on October 29, 2020. A prospectus supplement related to the offering was filed with the SEC on November 20, 2020 and is available at www.sec.gov.

For further details of this transaction, please see the Current Report on Form 8-K filed with the SEC on November 20, 2020 which may be viewed at www.sec.gov.