Benzinga | Apr 20, 2021 08:34AM EDT

Kandi Technologies; Says Upon Approval, Within 10 Working Days Co. Will Receive $22.7M

Kandi Technologies Group, Inc. ("the Company", "we" or "Kandi") (NASDAQ:KNDI) today announced that it completed all work necessary to vacate the property associated with its legacy manufacturing plant in the Jinhua Economic and Technological Development Zone. Accordingly, the Development Zone has acknowledged the completion and delivered to Kandi all required documents necessary to close the transaction.



On schedule and as agreed, by the end of March 2021 Kandi finished relocating production and offices to the new industrial park and vacated the old factory property. In early April, the relevant Economic Zone authorities inspected the vacated land and determined that it met all stipulated conditions. This inspection and acceptance will now be verified by an additional set of interested parties. Upon their approval, within ten working days Kandi will receive the final installment payment of RMB 162 million (USD $22.7 million).