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

Kandi Technologies Group (NASDAQ: KNDI) issued a letter to shareholders addressing inaccuracies from a recent short-seller report. The Chairman highlighted misleading claims regarding stock manipulation and related party transactions. Kandi refuted claims about its financial practices and stressed valid participation in government subsidy programs. The company anticipates strong growth in ATV sales and aims to sell over 3 million units in 2021. Its new production facility is set to launch in Q1 2021, and it has received necessary EPA certifications for its EV models. Kandi remains committed to maximizing shareholder value.

Kandi Technologies Group, Inc. (KNDI) has responded to a report from Hindenburg Research, which claimed inaccuracies and misstatements regarding the company's operations. Kandi asserts that the report is flawed and emphasizes its commitment to addressing these allegations. The company plans to analyze the report thoroughly to identify inaccuracies and provide detailed explanations in the near future. Kandi is focused on its core business of manufacturing electric vehicle products and has significant partnerships in the industry.

Kandi Technologies Group (KNDI) announced the closure of a registered direct offering on November 23, 2020, raising approximately $100 million. The offering included 8,849,560 units, each comprising one share of common stock and 0.4 warrants, with an exercise price of $14.50 per share. The proceeds will support general working capital, including R&D for new electric vehicle models and compliance for entry into the U.S. market. FT Global Capital acted as the placement agent.

Kandi Technologies Group (KNDI) has signed a securities purchase agreement for a registered direct placement of $100 million, issuing 8,849,560 units at $11.30 each. Each unit includes one share of common stock and 0.4 common stock warrants with an exercise price of $14.50, valid for 30 months. Proceeds will fund general working capital, including R&D for EV sports cars. The transaction is expected to close by November 24, 2020, subject to customary conditions. FT Global Capital, Inc. is the exclusive placement agent.

Kandi America, a subsidiary of Kandi Technologies Group (NASDAQ: KNDI), has received approval from the Texas Commission on Environmental Quality for a $2,500 rebate on its electric vehicles, including the K23 and K27 models. This incentive allows eligible buyers to significantly reduce the effective purchase price of Kandi's EVs, making them some of the most affordable options in the market. The K27 can be owned for as low as $7,499 after applying state and federal incentives. Kandi aims to enhance EV accessibility in the U.S. market through these initiatives.

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.