08:04 AM EDT, 09/13/2024 (MT Newswires) -- Kaixin ( KXIN ) said Friday it received a letter from the Nasdaq Hearings Panel, granting the company a temporary exception to comply with Nasdaq's bid price rule by Dec. 13.

To achieve compliance, Kaixin ( KXIN ) will hold an extraordinary general meeting on Oct. 1 to seek shareholder approval for a reverse stock split, which it plans to implement by Nov. 30.

The company must maintain a closing bid price of at least $1 for 10 consecutive business days before the December deadline.

If Kaixin ( KXIN ) fails to meet these milestones by Dec. 13, its securities will be delisted from Nasdaq.

Shares of Kaixin ( KXIN ) rose more than 2% in recent premarket trading.