Sep 13, 2023 02:44 AM

BUSINESS

Floundering WM Motor Claims a New White Knight

By An Limin and Han Wei

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What’s new: Cash-strapped electric vehicle maker WM Motor Holdings Ltd. got another takeover offer shortly after a potential white knight abandoned a previous $2.02 billion rescue deal.

Nasdaq-traded Chinese auto retailer Kaixin Auto Holdings said Monday that it signed a nonbinding acquisition term sheet with WM to take over the company. Kaixin said it plans to raise funds for the deal by selling new shares.

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