Why Kaixin Auto's Stock Is Trading Higher Today

Kaixin Auto (NASDAQ: KXIN) shares are trading higher on Thursday after the company announced it entered into a binding term sheet and made changes to senior management.

Kaixin Auto is a provides of own and used car dealership. It focuses on brands such as Audi, BMW, Mercedes-Benz, Land Rover and Porsche. The company primarily generates revenues from sales of used cars, as well as fees obtained from a role as a channel partner for third-party auto financing and other value-added service providers. Its operating segment includes Automobile sales and others. The company derives maximum revenue from Automobile sales segment. Geographically, it derives revenue from China.

Kaixin Auto shares were trading up 37.18% at $3.80 on Thursday. The stock has a 52-week high of $13.40 and a 52-week low of 40 cents.