Benzinga | Aug 26, 2021 10:41AM EDT

Kaixin Signs Binding Term Sheet To Acquire EV Manufacturer

* Kaixin Auto Holdings (NASDAQ:KXIN) has signed a binding term sheet to acquire EV manufacturer Henan Yujie Times Automobile Co Ltd through new share issuance.

* Henan Yujie specializes in small-size multi-function EVs.

* The deal marks Kaixin's official entry into China's small size EV market and will be a notable M&A transaction after establishing the New Energy Vehicle Unit.

* Henan Yujie's factory in Mengzhou has an annual production capacity of 150,000 vehicles.

* Kaixin said it would negotiate further details of an acquisition agreement with Yujie consistent with the term sheet.

* Price Action: KXIN shares traded higher by 0.62% at $3.27 on the last check Thursday.