Attached files

file filename
EX-99.1 - PRESS RELEASE - Kandi Technologies Group, Inc.ea129642ex99-1_kanditech.htm
EX-10.2 - PLACEMENT AGENT AGREEMENT - Kandi Technologies Group, Inc.ea129642ex10-2_kanditech.htm
EX-10.1 - SECURITIES PURCHASE AGREEMENT - Kandi Technologies Group, Inc.ea129642ex10-1_kanditech.htm
EX-4.2 - WARRANT TO PURCHASE COMMON STOCK - Kandi Technologies Group, Inc.ea129642ex4-2_kanditech.htm
EX-4.1 - FORM OF WARRANT - Kandi Technologies Group, Inc.ea129642ex4-1_kanditech.htm
8-K - FORM 8-K - Kandi Technologies Group, Inc.ea129642-8k_kanditech.htm

Exhibit 5.1

 

 

 

November 10, 2020

Board of Directors
Kandi Technologies Group, Inc.
Jinhua City Industrial Zone
Jinhua, Zhejiang Province
People’s Republic of China
Post Code 321016

Ladies and Gentlemen:

We have acted as legal counsel to Kandi Technologies Group, Inc., a Delaware corporation (the “Company”), in connection with the issuance by the Company of (i) 9,404,392 shares (the “Shares”) of common stock, par value $0.001 per share, of the Company (“Common Stock”); (ii) 3,761,757 warrants (the “Warrants”) to purchase an aggregate of 3,761,757 shares of Common Stock (the “Warrant Shares”) at an exercise price of $8.18 per share; and (iii) 564,264 warrants (the “Placement Agent Warrants”) to purchase an aggregate of 564,264 shares of Common Stock (the “PA Warrant Shares”) at an exercise price of $8.18 per share.

The Shares and the Warrants are being issued by the Company pursuant to a Securities Purchase Agreement, dated November 10, 2020 (the “Purchase Agreement”), as well as an effective registration statement (the “Registration Statement”) on Form S-3 (File No. 333-249585) that was declared effective by the U.S. Securities and Exchange Commission (the “Commission”) on October 29, 2020, the statutory prospectus included in the Registration Statement (the “Base Prospectus”), and the prospectus supplement dated November 10, 2020 (the “Prospectus Supplement”) filed with the Commission pursuant to Rule 424(b) promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement, the Base Prospectus or the Prospectus Supplement, other than as expressly stated herein with respect to the issuance of the Shares, the Warrants, the Placement Agent Warrants, the Warrant Shares and the PA Warrant Shares.

In connection with this opinion, we have examined such documents and considered such legal matters deemed by us to be relevant to this opinion letter, including the (i) applicable statutory provisions and related rules and regulations of the Delaware General Corporation Law and the reported judicial decisions interpreting those laws, (ii) the Certificate of Incorporation of the Company, as amended through the date hereof (the “Certificate of Incorporation”), (iii) the Bylaws of the Company (the “Bylaws”), (iv) the Purchase Agreement (filed as exhibit 10.1 to the Company’s Current Report on Form 8-K, dated November 10, 2020), (v) the form of Warrant (filed as exhibit 4.1 to the Company’s Current Report on Form 8-K, dated November 10, 2020, “Form 8-K”), (vi) the Registration Statement, (vii) the Base Prospectus, (viii) the Prospectus Supplement, (ix) the Placement Agent Agreement dated July 30, 2020 (filed as exhibit 10.2 to the Form 8-K), (x) the Placement Agent Warrant (filed as exhibit 4.2 to the Form 8-K) and (xi) duly adopted resolutions of the board of directors of the Company and the Pricing Committee thereunder relating to the issuance of the Shares, the Warrants, the Placement Warrants, the Warrant Shares and the PA Warrant Shares. We also have made such further legal and factual examinations and investigations as we deemed necessary for purposes of expressing the opinion set forth herein. With respect to such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as reproduced or certified copies, and the authenticity of the originals of those latter documents. As to questions of fact material to this opinion, we have, to the extent deemed appropriate, relied upon, without independent verification or investigation of the accuracy or completeness thereof, certain representations of certain officers of the Company and a certificate of an officer of the Company delivered to us.

 

 

 

 

 

Kandi Technologies Group, Inc.
November 10, 2020
Page 2

Our opinion is limited to applicable statutory provisions of the Delaware General Corporation Law and the reported judicial decisions interpreting those laws, and federal laws of the United States of America to the extent referred to specifically herein. We are generally familiar with the Delaware General Corporation Law as currently in effect and the judicial decisions thereunder and have made such inquiries and review of matters of fact and law as we determined necessary to render the opinions contained herein. We assume no obligation to revise or supplement this opinion letter in the event of future changes in such laws or the interpretations thereof or such facts. We express no opinion regarding the Securities Act, or any other federal or state laws or regulations.

Based upon the foregoing and subject to the assumptions, limitations and exceptions set forth herein, we are of the opinion that as of the date hereof:

1. The Shares have been duly authorized for issuance pursuant to the Purchase Agreement and, when issued and delivered by the Company pursuant to the Purchase Agreement against receipt of the consideration set forth therein, the Shares will be validly issued, fully paid and nonassessable.

2. The Warrants have been duly authorized for issuance pursuant to the Purchase Agreement.

3. The Placement Agent Warrants have been duly authorized for issuance pursuant to the Placement Agent Agreement.

4. The Warrant Shares have been duly authorized, and when issued upon exercise of the Warrants against payment of the exercise price in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable.

5. The PA Warrant Shares have been duly authorized, and when issued upon exercise of the PA Warrants against payment of the exercise price in accordance with the terms of the PA Warrants, will be validly issued, fully paid and nonassessable.

We hereby consent to the use of our name under the caption “Legal Matters” in the Prospectus Supplement, and to the filing of this opinion as an exhibit to the Form 8-K. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission adopted under the Act.

This opinion is issued to you solely for use in connection with the Registration Statement and is not to be quoted or otherwise referred to in any financial statements of the Company or any other document, nor is it to be filed with or furnished to any other government agency or other person, without our prior written consent.

Very truly yours,

/s/Pryor Cashman LLP
Pryor Cashman LLP