BEIJING, April 30, 2015 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), a leading real-name social
networking internet platform in China, announced today the results of its
previously announced Dutch auction tender offer to purchase for
cash up to $50 million in value of
its American Depositary Shares (the "ADSs"), each representing
three Class A ordinary shares of the Company, par value
$0.001 per share, at a purchase price
not greater than $2.75 per ADS nor
less than $2.40 per ADS (in each case
less a cancellation fee of $0.05 per
ADS to be paid to the Company's ADS depositary), which expired at
midnight, Eastern Daylight Time, on Wednesday, April 29, 2015.
Based on the count by Citibank, N.A., the depositary for the
tender offer, an aggregate of 154,643 ADSs were properly tendered
and not withdrawn at prices at or below $2.75, including 20,200 ADSs tendered by Notice
of Guaranteed Delivery. Accordingly, pursuant to the terms of
the tender offer and applicable securities laws, the Company has
accepted for purchase 154,643 ADSs at a purchase price of
$2.75 per ADS (less a cancellation
fee of $0.05 per ADS to be paid to
the Company's ADS depositary). The aggregate purchase price that
the Company will pay for the ADSs will be $425,268.25, including the cancellation fee and
excluding other fees and expenses relating to the tender offer.
The Company has instructed the depositary for the tender offer
to promptly make payment on its behalf for the ADSs validly
tendered and accepted for purchase. Immediately following its
purchase of the tendered ADSs, the Company expects to have
713,882,448 Class A ordinary shares (including Class A ordinary
shares represented by ADSs) and 305,388,450 Class B ordinary shares
issued and outstanding.
If you have any questions regarding the tender offer, please
contact Georgeson Inc., the information agent for the tender offer,
at (866) 821-0284 (toll-free), or Morgan Stanley & Co. LLC, the
dealer manager for the tender offer, at (855) 483-0952
(toll-free).
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a leading real name social
networking internet platform in China. It enables users to connect and
communicate with each other, share information and user generated
content, play online games, and enjoy a wide range of other
features and services. Renren's businesses primarily include the
main social networking website renren.com and the game operating
platform Renren Games. Renren.com had approximately 223 million
activated users as of December 31,
2014. Renren's American depositary shares, each of which
represents three Class A ordinary shares, trade on NYSE under the
symbol "RENN."
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about Renren's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these risks and uncertainties is included in our annual
report on Form 20-F and other documents filed with the SEC.
All information provided in this press release is as of
the date of this press release, and Renren does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
Cynthia Liu
Investor Relations Department
Renren Inc.
Tel: +86 (10) 8448-1818 x1300
Email: ir@renren-inc.com
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SOURCE Renren Inc.