Kaixin Auto Holdings (NasdaqCM:KXIN) announced that it has entered into a definitive securities purchase agreement with existing investor Renren Inc. (NYSE:RENN) for a private placement of designated convertible preferred shares for gross proceeds of $6,000,000 on March 31, 2021. The designated convertible 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.