KXIN — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2019-05-15

• On January 25, 2019, the Company extended the time required for the Company to complete its proposed Business Combination with Kaixin, for an additional three-months, ending April 30, 2019. The Sponsor or its designees and Kaixin deposited an aggregate amount of $2,063,629, of which Kaixin funded $1…

• On April 30, 2019, we consummated the transactions contemplated by the Share Exchange Agreement dated as of November 2, 2018, by and among us, Kaixin and Renren. Upon the closing of the Acquisition, Kaixin Auto Holdings (“KAH”) acquired 100% of the issued and outstanding securities of Kaixin in exch…

• A total of 20,403,667 shares of KAH ordinary shares were redeemed upon consummation of the Acquisition at a redemption price of approximately $10.37 per share into cash of KAH’s ordinary shares.

• On the transaction closing date, KAH, Kaixin, Renren and SVF executed an agreement (the “Waiver Agreement”) pursuant to which Kaixin and Renren waived certain rights under the Share Exchange Agreement in exchange for SVF’s commitment (i) to contribute $1.6 million to KAH within two weeks after the c…

• Also, on the transaction closing date, KAH paid $2 million in cash and issued a $1.5 million note payable to Early Bird Capital (“EBC”) in fees related to the Acquisition.

Text removed vs the prior filing · source: 10-Q · 2018-11-13

• Our entire activity from inception up to October 30, 2017 was related to the Company’s formation, the IPO and general and administrative activities. Since the IPO, our activity has been limited to the evaluation of business combination candidates, and we will not be generating any operating revenues…

• For the three months ended September 30, 2018, we had net income of $828,104, which was comprised of operating costs of $177,984 and interest income of $1,006,088 from investments in our Trust Account and interest from our savings account. For the three months ended September 30, 2017, we incurred o…

• For the nine months ended September 30, 2018, we had net income of $2,145,766, which was comprised of operating costs of $431,786, realized loss from sale of investments of $97,758, and interest income of $2,675,310 from investments in our Trust Account and interest earned on our savings account. Fo…

• As of September 30, 2018, we had cash outside our trust account of $374,955 available for working capital needs. All remaining cash was held in the trust account and is generally unavailable for our use, prior to an initial Business Combination.

• Our liquidity needs have been satisfied to date through receipt of $31,038 from the sale of the insider shares, advances from our Sponsor and an affiliate of our Sponsor in an aggregate amount of $663,009, which were repaid upon our IPO, and the remaining net proceeds from our IPO and Private Placem…