CM Seven Star Announces Additional Information
April 30 2019 - 3:21PM
CM Seven Star Acquisition Corporation (“CM Seven Star”) (NASDAQ:
CMSS), a blank check company formed for the purpose of entering
into a business combination with one or more businesses, and Renren
Inc. (“Renren”) (NYSE: RENN), which operates a used car business
and SaaS business, today announced an aggregate of 20,403,667
ordinary shares were redeemed in connection with the target closing
of the transaction. The total number of public shares is 232,626,
in which 160,000 shares are held by Shareholder Value Fund (“SVF”),
sponsor of CMSS, therefore estimated at only 72,626 shares held by
third parties excluding SVF.
CM Seven Star is releasing this information so that
public shareholders may trade its securities with the full
disclosure of the company.
About CM Seven Star
In October of 2017, CM Seven Star Acquisition
Corporation, a Cayman Islands exempted limited liability company
completed its initial public offering. Sponsored by Shareholder
Value Fund, a Cayman fund controlled by members of its Board of
Directors, which has selected CM Asset Management (Hongkong)
Company Limited (“CMAM”) to serve as the investment manager for the
fund. CMAM is a wholly owned subsidiary of China Minsheng Financial
Holding Corporation Limited, a Hong Kong Stock Exchange listed
Company. CM Seven Star was formed as a blank check company for the
purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or
similar business combination with one or more businesses or
entities. CM Seven Star’s efforts to identify a prospective target
business will not be limited to a particular industry or geographic
location.
About Renren Inc.
Renren Inc. operates a used auto business and SaaS
business. Renren’s American depositary shares, each of which
represents fifteen Class A ordinary shares, trade on NYSE under the
symbol “RENN”.
About Kaixin Auto Group
Founded in 2015 as a venture into China’s used car
financing market by its corporate parent Renren Inc., Kaixin Auto
Group is a leading premium used car dealership in China. Supported
by the rapid growth of China’s used car market and leveraging its
own hybrid business model that offers both strong online and
offline presence, Kaixin has transformed from a tech-enabled
financing platform into a nationwide dealer network that combines
its own and affiliated dealers as well as value-added and
after-sale services.
Important Notice Regarding Forward-Looking
Statements
This press release contains certain
“forward-looking statements” within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, both as
amended. Statements that are not historical facts, including
statements about the pending transaction between CM Seven Star
Acquisition Corporation (“CM Seven Star”), Renren Inc. (“Renren”)
and Kaixin Auto Group (“Kaixin”) and the transactions contemplated
thereby, and the parties’ perspectives and expectations, are
forward-looking statements. Such statements include, but are not
limited to, statements regarding the proposed transaction,
including the anticipated initial enterprise value and post-closing
equity value, the benefits of the proposed transaction, integration
plans, expected synergies and revenue opportunities, anticipated
future financial and operating performance and results, including
estimates for growth, the expected management and governance of the
combined company, and the expected timing of the transactions. The
words “expect,” “believe,” “estimate,” “intend,” “plan” and similar
expressions indicate forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to various risks and uncertainties, assumptions
(including assumptions about general economic, market, industry and
operational factors), known or unknown, which could cause the
actual results to vary materially from those indicated or
anticipated.
Such risks and uncertainties include, but are not
limited to: (i) risks related to the ability of CM Seven Star and
Kaixin to successfully integrate the businesses; (ii) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the applicable transaction
agreements; (iii) the risk that there may be a material adverse
change with respect to the financial position, performance,
operations or prospects of Kaixin or CM Seven Star; (iv) risks
related to disruption of management time from ongoing business
operations due to the proposed transaction; (v) the risk that any
announcements relating to the transaction could have adverse
effects on the market price of CM Seven Star’s common stock; (vi)
the risk that the transaction and its announcement could have an
adverse effect on the ability of Kaixin and CM Seven Star to retain
customers and retain and hire key personnel and maintain
relationships with their suppliers and customers and on their
operating results and businesses generally; and (vii) the risk that
the combined company may be unable to achieve cost-cutting
synergies or it may take longer than expected to achieve those
synergies. A further list and description of risks and
uncertainties can be found in CM Seven Star’s Annual Report on Form
10-K for the fiscal year ending December 31, 2018 filed with the
SEC, in CM Seven Star’s quarterly reports on Form 10-Q filed with
the SEC subsequent thereto and in the proxy statement on Schedule
14A filed with the SEC by CM Seven Star in connection with the
transaction, and other documents that the parties may file or
furnish with the SEC, which you are encouraged to read. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. Accordingly, you are cautioned not to
place undue reliance on these forward-looking statements.
Forward-looking statements relate only to the date they were made,
and CM Seven Star, Renren, Kaixin, and their subsidiaries undertake
no obligation to update forward-looking statements to reflect
events or circumstances after the date they were made except as
required by law or applicable regulation.
For more information, please visit:
http://ir.kaixin.com
For investor and media inquiries, please
contact:
In China: The Piacente Group, Inc. Ross Warner Tel:
+86 (10) 5730-6201 Email: Kaixin@tpg-ir.com
In the United States: The Piacente Group, Inc. Jean
Marie Young Tel: +1-212-481-2050 Email: Kaixin@tpg-ir.com
CM Seven Star Acquisition Corp. (NASDAQ:CMSS)
Historical Stock Chart
From Apr 2024 to May 2024
CM Seven Star Acquisition Corp. (NASDAQ:CMSS)
Historical Stock Chart
From May 2023 to May 2024