Kandi Technologies Announces Share Buyback of Up to $30 Million

JINHUA, CHINA-- (November 27, 2023) - Kandi Technologies Group, Inc. (“Kandi” or “the Company”) (NASDAQ GS: KNDI), today announced that its Board of Director has authorized a stock repurchase program (the “repurchase program”) to purchase up to $30 million of the Company’s common stock. The repurchase program is expected to be completed by the end of 2024, with progress updates disclosed in its quarterly reports on Form 10-Q and its annual reports on Form 10-K covering the periods during which such repurchases takes place.

Mr. Hu Xiaoming, Chairman of Kandi, stated, “We believe the market is undervaluing Kandi, primarily because investors may not fully grasp the exciting growth prospects of our all-electric off-road vehicle business. To demonstrate our confidence and maximize shareholder value, we have decided to initiate a share buyback. This decision reflects our belief in our liquidity and business potential, affirming our commitment to creating value for 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 repurchase 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.