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BEIJING, July 19, 2019 (GLOBE NEWSWIRE) – Kaixin Auto Holdings (the "Company" or "Kaixin"); (Nasdaq: KXIN) announced today that on July 16, 2019, UHY LLP ("UHY") resigned as the company's independent accountant.
UHY acted as an independent accountant for its predecessor, CM Seven Star Acquisition Corporation, a Nasdaq listed company traded with the symbol CMSS, a blank check company created to create a business combination with one or more businesses. In accordance with usual practice following the completion of special purpose acquisition business combinations, such as the one used by the acquired company, CM Seven Star Acquisition Corporation, Kaixin's predecessor, UHY resigned from its firm position independent accounting expertise.
The company has started a search process to identify the successor to UHY. The company will unveil its commitment to a new independent accounting firm once the process is completed.
UHY's reports on the Company's consolidated financial statements as at December 31, 2017 and 2018 and for the years then ended do not formulate any adverse opinion or opinion exoneration and are not qualified or modified in this regard. concerning uncertainty, the scope of the audit or the accounting principles. . These reports have not been removed or modified.
In addition, for the years ended December 31, 2017 and 2018 and up to July 16, 2019, there was (no) disagreement with UHY on matters of accounting principles or practices, disclosure financial statements or the audit scope or procedure, which disagreement, if not resolved to the satisfaction of UHY, would have led UHY to refer to its purpose in the context of its reports for those years ; or (b) reportable events that should be described under 16F (a) (1) (v) of Form 20-F in connection with the company's annual report on Form 20-F.
About Kaixin Auto Holdings
Founded in 2015 in China's second-hand car finance market by its parent company Renren Inc., Kaixin Auto Group is a leading dealer of luxury used cars in China. Boosting the rapid growth of the Chinese market for used cars and on its own hybrid business model offering a strong online and offline presence, Kaixin has grown from a platform of technology-based financing to a national dealer network involving its own dealers and subsidiaries. as value-added and after-sales services.
Important Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of US federal securities laws. These forward-looking statements may generally be identified by expressions such as: we or our management members "believe", "expect", "anticipate", "expect", "expect", "estimate", or otherwise words or expressions of a similar nature. import. These statements include statements describing our expectations for growth in our business, expansion into new geographic markets, maintenance and expansion of our relationships with key distribution partners, financial impact of new business of our products, our plan to make significant capital expenditures and other statements of beliefs, intentions or objectives of management. There is no badurance that the events anticipated by the forward-looking statements will materialize or occur or, if so, what will be the impact on our results of operations, financial condition or the price of our common shares. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those stated in such statements, including our ability to penetrate and increase the acceptance of our product in new geographic markets; execute our agreements with our customers and further develop our relationships with our main retail partners; our ability to recognize the products of our contracts; persistent competitive pressures on the market; our reliance on a few clients for a substantial portion of our revenues; our ability to implement our plans, forecasts and other expectations with respect to our business and to seize other opportunities for growth; and other significant risks and factors contained and identified in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by these risk factors. Since we operate in an emerging and changing environment and new risk factors and uncertainties arise from time to time, you should not rely on forward-looking statements to predict future events. Except as required by US securities laws, we badume no obligation to update any forward-looking or other statements in this statement to reflect events or circumstances subsequent to the date hereof, which whether as a result of new information, future events or otherwise.
For more information, please visit: http://ir.kaixin.com
For investor and media inquiries, please contact:
In China:
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 6508-0677
Email: [email protected]
In the USA:
The Piacente Group, Inc.
Jean Marie Young
Tel: + 1-212-481-2050
E-mail: [email protected]
Source: Kaixin Auto Holdings
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