Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 27, 2023

 

KANDI TECHNOLOGIES GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-33997		90-0363723
(State of Incorporation)		(Commission File Number)		(IRS Employer Identification)

 

Jinhua New Energy Vehicle Town

Jinhua, Zhejiang Province

People’s Republic of China

Post Code 321016

(Address of principal executive offices)

 

(86-579) 8223-9700

Registrant’s telephone number, including area code

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12)

 

☐

Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		KNDI		NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

 

 

 

 

 

 

ITEM 7.01 REGULATION FD DISCLOSURE.

 

On November 27, 2023, Kandi Technologies Group, Inc. (the “Company”) issued a press release announcing the authorization by the Company’s board of directors of a stock repurchase program (the “Repurchase Program”). Pursuant to the Repurchase Program, the Company plans to repurchase up to $30 million of its common stock during the period ending December 31, 2024 in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-5, Rule 10b5-1 and Rule 10b-18 of the Securities and Exchange Commission. 

 

A copy of the press release is furnished to this Current Report on Form 8-K as Exhibit 99.1.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

 

Exhibits.

 

The following is filed as exhibit to this report:

 

Exhibit No.		Description
99.1		Press Release of Kandi Technologies Group, Inc. dated November 27, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 27, 2023	KANDI TECHNOLOGIES GROUP, INC.
	By:	/s/ Dong Xueqin
	Name:	Dong Xueqin
	Title:	President and Chief Executive Officer

 

 

2

 

 

Exhibit 99.1

 

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 take 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.

 

About Kandi Technologies Group, Inc. 

 

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China’s leading manufacturers of pure electric vehicle parts and off-road vehicles.

 

Safe Harbor Statement

 

This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC’s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

 

Follow us on Twitter: @ Kandi_Group

 

Contacts:

 

Kandi Technologies Group, Inc.
Ms. Kewa Luo
[phone]
[e-mail]

 

The Blueshirt Group
Mr. Gary Dvorchak, CFA
[e-mail]

mailto:

 

Cover	Nov. 27, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 27, 2023
Entity File Number	001-33997
Entity Registrant Name	KANDI TECHNOLOGIES GROUP, INC.
Entity Central Index Key	0001316517
Entity Tax Identification Number	90-0363723
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Jinhua New Energy Vehicle Town
Entity Address, City or Town	Jinhua, Zhejiang Province
Entity Address, Country	CN
Entity Address, Postal Zip Code	321016
City Area Code	86-579
Local Phone Number	8223-9700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	KNDI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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