Kandi Technologies Announces Share Buy Back of Up to $20 Million
Marketing activities
2021-12-06
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Jinhua, China--(December 6, 2021) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") today announced that its Board of Directors has authorized the Company to repurchase up to $20 million of the Company’s common stock.  The plan authorizes purchases at management’s discretion when the stock trades in a price range that the board believes represents a compelling use of cash.  Kandi expects to commence the repurchase plan on December 10, 2021 and to conclude the plan by the end of 2022.  Progress on the program will be disclosed each report on Form 10-K or Form 10-Q, as the case may be.


Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “We believe that the market is not valuing Kandi appropriately, and that we are significantly undervalued at the current stock price.  Most of our valuation is represented by our cash balance, and we believe that investors do not fully appreciate our exciting growth prospects across a wide range of electric motor propulsion categories.  Our Board is acting by authorizing the repurchase of up to $20 million worth of Kandi shares.  We believe that this repurchase program ‘puts our money where our mouth is’, demonstrating confidence in our liquidity and business potential, and believe that our shareholders will agree.”


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 U.S. Securities and Exchange Commission. 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 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.