Kaixin Auto Holdings (NasdaqCM:KXIN) signed a binding acquisition term sheet to acquire Wuxi Morning Star Technology Co., Ltd. on September 26, 2022. Kaixin will acquire 100% equity of Morning Star through new share issuance and makes it a wholly owned subsidiary. Kaixin and Morning Star expect to sign the definitive acquisition SPA by end of October and have the acquisition transaction completed by end of the year. As consideration for the Acquisition, Kaixin will issue 100 million ordinary shares of Kaixin to the shareholders of Morning Star, and Morning Star was requested to acquire 100% equity of Henan Yujie Time Limited before October 31, 2022. As of May 31, 2023, Kaixin Auto Holdings is making continued progress on the acquisition of Morning Star Auto Inc. As of July 11, 2023 the Company has signed a supplementary acquisition agreement with Morning Star Auto Inc. The transaction is expected to complete in August 2023.

Kaixin Auto Holdings (NasdaqCM:KXIN) completed the acquisition of Wuxi Morning Star Technology Co., Ltd. on August 22, 2023.