Kandi Technologies to Delay 10-K Filing
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2020-03-16
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JINHUA, CHINA – (March 16, 2020) – Kandi Technologies Group (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that it would delay the filing of its 2019 Annual Report on Form 10-K, which was originally due on March 16, 2020. The impact in China of the current outbreak of COVID-19 has presented significant challenges and undue hardship and expense for the Company to file on a timely basis. The Company has elected to rely on the order recently issued by the U.S. Securities and Exchange Commission (“SEC”) on March 4, 2020 providing conditional relief to public companies that are unable to timely comply with their filing obligations as a result of the novel coronavirus.
In response to the Chinese central government’s call to contain COVID-19 and to protect employee health, Kandi’s offices had been closed since January 2020 and operations did not restart until late February. The accounting team and independent auditor were also not able to conduct on-site accounting and auditing work until March. Considering the lack of time for the compilation, dissemination and review of the information required to be presented, the Company decided to rely on the SEC Order and will endeavor to file the Annual Report no later than April 30, 2020, which is 45 days after the Original Due Date.
In response to the Chinese central government’s call to contain COVID-19 and to protect employee health, Kandi’s offices had been closed since January 2020 and operations did not restart until late February. The accounting team and independent auditor were also not able to conduct on-site accounting and auditing work until March. Considering the lack of time for the compilation, dissemination and review of the information required to be presented, the Company decided to rely on the SEC Order and will endeavor to file the Annual Report no later than April 30, 2020, which is 45 days after the Original Due Date.
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