Kaixin Auto Holdings (NasdaqCM:KXIN) announced that it has entered into a securities purchase agreement for a private placement of 6,000 convertible preferred shares at an issue price of $1,000 per share for gross proceeds of $6,000,000 on December 28, 2020. The transaction involves participation from KX Venturas 4 LLC. The preferred shares are convertible into the company’s ordinary shares at a conversion price of $3.00, subject to customary adjustments. Pursuant to the purchase agreement, the investor will also receive warrants to subscribe for the company’s ordinary shares at an exercise price of $3.00 per share. The company will issue 3,000,000 series A warrant, 1,333,333 series B warrant and 2,000,000 series C warrants in the transaction.