Benzinga | Apr 6, 2021 06:04AM EDT

Kaixin Auto Holdings Enters Securities Purchase Agreement With 72% Shareholder Renren; Renren Invested $6M In Convertible Preferred Shares

Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ:KXIN) today announced that it has entered into a definitive securities purchase agreement (the "Purchase Agreement") with Renren Inc., a 72% shareholder of the Company as of the date of this announcement (the "Purchaser") on March 31, 2021 and completed the closing on the same date.



Pursuant to the Purchase Agreement, the Purchaser invested $6,000,000 in newly designated convertible preferred shares of the Company. The preferred shares are convertible into the Company's ordinary shares at a conversion price of $3.00, subject to customary adjustments pursuant to the Purchase Agreement.