UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Resignation of Xiaoming Hu
Effective January 9, 2023, Mr. Xiaoming Hu, Chief Executive Officer (“CEO”), and Chairman and a director of the board (the “Board”) of Kandi Technologies Group, Inc. (the “Company”), resigned from his position as the CEO of the Company, for the purpose of Company’s long-term growth training of young management. Mr. Hu will remain to be Chairman and a director of the Board.
Appointment of Xueqin Dong
Effective January 10, 2023, upon the nomination by the Nominating and Corporate Governance Committee, the Board appointed Dr. Xueqin Dong as Chief Executive Officer of the Company.
Dr. Dong, aged 41, has served as the Company’s director since December 2021. He has rich practical experience and extensive knowledge and expertise in the fields of automotive engineering, automotive safety and others. He has successively served as the General Manager of Jiangsu Xingchi Electric Power Technology Co., Ltd, the Deputy General Manager of Jiangsu Yixing Vehicles Co., Ltd, the General Manager of Yijue Automobile (Shanghai) Co., Ltd, the Deputy General Manager of business department of Automobile Design and Research Institute Co., Ltd. of Shanghai Tongji University, and the R&D Engineer of Jiangling Automobile Co., Ltd. In addition, Dr. Dong has also participated in multiple technology R & D projects, including the research and development of Class AO small urban pure electric vehicles, and test, evaluation and standard technology related to whole electric vehicles and its parts; safety technology of electric vehicles in typical crash mode in the Project of Shanghai Bureau of Quality and Technical Supervision; among others. Furthermore, Dr. Dong has published 11 papers on automobile and electric vehicle engineering technology. He also owns 18 utility model patents, 2 invention patents and 1 appearance design patent. Dr. Dong received a Doctor Engineering degree in Vehicle Engineering from Shanghai Tongji University.
Dr. Dong shall receive an annual salary in the amount of RMB500,000 (approximately $74,443). He will also receive a year-end 20,000 shares of the common stock under the Company’s 2008 Omnibus Long-Term Incentive Plan, which shall be issuable at the one-year anniversary from his appointment.
There are no family relationships between Dr. Dong and any director or other executive officer of the Company. There are no transactions between Dr. Dong or any member of his immediate families and the Company or any of its subsidiaries that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission. Further, there is no arrangement or understanding between Dr. Dong and any other persons or entities pursuant to which Dr. Dong was appointed as Chief Executive Officer of the Company.
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ITEM 7.01 REGULATION FD DISCLOSURE.
On January 11, 2023, the Company issued a press release announcing the CEO transition.
A press release of the Company is furnished to this Current Report on Form 8-K as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release of Kandi Technologies Group, Inc. announcing the CEO transition dated January 11, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KANDI TECHNOLOGIES GROUP, INC. | ||
| Date: January 11, 2023 | By: | /s/ Xueqin Dong |
| Name: | Xueqin Dong | |
| Title: | Chief Executive Officer (Principal Executive Officer) | |
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