Senmiao terminates Jinkailong VIE, deconsolidates; implements 1:10 reverse stock split

Senmiao Technology Ltd

Ruixi terminated the Jinkailong Voting Agreements on March 31, 2022; Jinkailong ceases to be a VIE.
Senmiao retains 35% equity interest in Jinkailong as a passive investment.
1:10 reverse stock split became effective April 6, 2022 under Nevada law.
Pro forma shows deconsolidation reduces net loss by ~$2.3M for nine months ended Dec 31, 2021.
Pro forma net loss from continuing operations for nine months ended Dec 31, 2021 is $4.48M vs. $7.62M consolidated.

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