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KNDI > SEC Filings for KNDI > Form 8-K on 23-Sep-2013All Recent SEC Filings




Completion of Acquisition or Disposition of Assets, Financial Stat

Item 2.01 Completion of Acquisition or Disposition of Assets.

On September 18, 2013, Zhejiang Kandi Vehicles Co. Ltd. ("Kandi Vehicles"), a wholly owned subsidiary of Kandi Technologies Group, Inc. (the "Company") completed the acquisition of certain assets described below pursuant to an Assets Purchase Agreement (the "Agreement") between Kandi Vehicles and Zhejiang New Energy Vehicle System Co., Ltd., a limited liability company in China (the "Seller"), as previously disclosed on a Form 8-K filed by the Company on March 4, 2013. The titles and ownership of the acquired assets were transferred directly to Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing"), a wholly owned subsidiary of Kandi Vehicles as the contribution of registered capital by Kandi Vehicles to Kandi Changxing, and Kandi Changxing received the updated business license issued by the State Administration of Industry and Commerce to reflect such capital contribution.

Under the terms of the Agreement, Kandi Vehicles purchased certain assets for the manufacture of electric vehicles, including a pressing assembly line, a welding assembly line, a coating assembly line, a general assembly line and related equipment, facilities, building and land use rights from the Seller for cash consideration of RMB 272,767,553 (approximately $43,296,437).

The foregoing description of the Agreement is qualified in its entirety by reference to the Assets Purchase Agreement, a copy of which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2013 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(b)(1) Pro forma financial information

The information required by Item 9.01(a) and (b) will be filed or furnished by amendment no later than 71calendar days after the date on which this Form 8-K is required to be filed.

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