EV maker Kandi Technologies gains on $20M share buyback program
Dec. 06, 2021 9:18 AM ETKandi Technologies Group, Inc. (KNDI)By: Preeti Singh, SA News Editor
- Chinese EV maker Kandi Technologies (NASDAQ:KNDI) is trading +4.19% pre-market after announcing a share buyback program of up to $20M.
- The plan authorizes the repurchase $20M of the company’s common stock, and is expected to commence on December 10, 2021 and conclude by the end of 2022.
- Hu Xiaoming, Chairman and CEOof Kandi commented, "We believe that the market is not valuing Kandi appropriately, and that we are significantly undervalued at the current stock price. Most of our valuation is represented by our cash balance, and we believe that investors do not fully appreciate our exciting growth prospects across a wide range of electric motor propulsion categories. Our Board is acting by authorizing the repurchase of up to $20 million worth of Kandi shares. We believe that this repurchase program ‘puts our money where our mouth is’, demonstrating confidence in our liquidity and business potential, and believe that our shareholders will agree."