Kandi Technologies Group, Inc. Stock Price, News & Analysis

Kandi Technologies Group, Inc. (NASDAQ: KNDI) has completed a registered direct offering of 9,404,392 units at $6.38 per unit, raising approximately $60 million before expenses. Each unit comprises one share of common stock and 0.4 warrants, with warrants having an exercise price of $8.18 and a 30-month term, non-exercisable for the first six months. The net proceeds will be allocated for general working capital purposes. FT Global Capital acted as the exclusive placement agent for this transaction.

Kandi Technologies Group, Inc. (NASDAQ: KNDI) announced a registered direct placement of $60 million in common stock at $6.38 per share, issuing 9,404,392 shares to institutional investors. Additionally, the company will provide warrants for purchasing 3,761,756 shares at an exercise price of $8.18 with a term of 30 months. Proceeds will fund general corporate purposes, and the placement is anticipated to close on or about November 12, 2020. The deal was facilitated by FT Global Capital, Inc. as the exclusive placement agent.

Kandi Technologies Group, Inc. (KNDI) reported its Q3 2020 financial results, showing a 40.9% decline in total revenues to $18.7 million, largely due to a 67.4% drop in EV parts sales. Off-road vehicle sales rose 51.6% to $8.9 million, and gross margin improved to 20.9% from 16.7%. The company experienced a net loss of $1.5 million compared to a profit of $12.1 million in Q3 2019. Key highlights include establishing a battery exchange subsidiary and initiating the IPO process for its battery swap technology. Kandi aims to drive EV production through a rideshare program involving 300,000 EVs.

Kandi Technologies Group, Inc. (NASDAQ: KNDI) will conduct virtual investor meetings at the Benchmark Annual Discovery One on One Conference on November 18, 2020. Attendance is by invitation only for Benchmark clients, and interested investors should contact their Benchmark sales representative for arrangements.

Headquartered in Jinhua, China, Kandi is involved in researching, developing, and manufacturing vehicular products, primarily through its subsidiary Kandi Vehicles. The company has established partnerships to drive the development of electric vehicles in China.

Kandi America, a subsidiary of Kandi Technologies Group (KNDI), has received EPA clearance for its electric vehicles, the K23 and K27. The K27 starts at an MSRP of $17,499, significantly reduced to $9,999 with federal tax incentives, and potentially as low as $5,999 with state credits. The K23 SUV begins at $27,499, dropping to $19,999 after federal incentives, and as low as $15,999 with state credits. This approval allows Kandi to proceed with fulfilling orders, enhancing accessibility to affordable EVs in the U.S.

Kandi Technologies Group, Inc. (KNDI) announced the signing of cooperation agreements with CITIC Securities, Grandall Law Firm, and Pan-China Certified Public Accountants to initiate the IPO process for its subsidiary, Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, on the Shanghai STAR market. The IPO aims to raise capital for expanding its battery swap business, capitalizing on China's vehicle-battery separation policy. The company anticipates rapid growth in this sector and believes the listing will enhance shareholder value.

Kandi Technologies Group, Inc. (KNDI) will report its Q3 2020 financial results on November 9, 2020, prior to U.S. market opening. A conference call is scheduled for the same day at 8:00 A.M. ET, featuring management's remarks followed by a Q&A session. Investors can join the call via toll-free number +1-877-407-3982 or internationally at +1-201-493-6780. The call will also be available as a webcast on Kandi's Investor Relations page. Kandi is a leading manufacturer of electric vehicle parts and operates through several subsidiaries.

Kandi Technologies Group, Inc. (KNDI) has established a new ridesharing service, Zhejiang Ruiheng Technology Company, in China. Kandi owns 10% of this venture, alongside Ruibo (80%) and Jinpeng (10%). Ruiheng aims to operate 300,000 government-accredited electric vehicles, with initial pilot programs in Haikou and Shaoxing, launching 1,000 Kandi K23 vehicles in Hainan and 2,500 in Shaoxing. The company's expansion plans include broader deployment in other cities following successful pilots.