Kaixin Auto Holdings announced that it has entered into a securities purchase agreement to issue 10,500,000 class A ordinary shares at a price of $0.87 per share for the gross proceeds of $9,135,000 and warrants on October 30, 2023. The warrants will entitle to purchase up to 10,500,000 shares of the class A ordinary shares of the company at an exercise price of US$1.00 per warrant. The transaction included participation from new investors, Hermann Limited and Aslan Family Limited, individual investor, Long Li.

The transaction is expected to close on November 7, 2023.