SHANGHAI,
May 28, 2019
/PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) (the
"Company") today announced that its Board of Directors has
commenced a comprehensive review of strategic alternatives to
maximize shareholder value, which could result in a merger or sale
of the Company or other transaction involving the Company or its
assets. XRF is engaged in formal discussions with several parties
that have expressed interest in a potential transaction.
The Company cautions that there can be no assurance that any
transaction will be approved or consummated. The Company does
not intend to disclose developments relating to its strategic
review unless and until the Board of Directors has approved a
specific agreement or transaction or has terminated its review of
strategic alternatives.
Zane Wang, Founder and Co-Chief
Executive Officer said, "The current regulatory environment for P2P
lending platforms is creating substantial challenges, both for XRF
and the industry as a whole. Many industry participants are
considering partnerships, mergers, and other alternatives to
bolster their businesses and ensure their long-term
viability. We too are engaged in formal discussions that we
believe can result in a strengthening of our competitive
position."
The Company reiterated that it will continue to endeavor to file
its Annual Report and restated quarterly reports in a timely
manner. Also, the Company intends to return to compliance with the
New York Stock Exchange ("NYSE") Continued Listing requirement by
curing the stock price deficiency within the applicable cure
period. As required, the Company has notified the NYSE of its
intent to cure. During this period, the Company's American
Depositary Shares will continue to be traded on the NYSE, subject
to compliance with other NYSE continued listing requirements. The
NYSE notification does not affect the Company's business operations
or its Securities and Exchange Commission reporting requirements
and does not conflict with or cause an event of default under any
of the Company's material agreements.
About China Rapid Finance Limited
China Rapid Finance (NYSE: XRF) is a leading fintech company
that operates an award-winning microcredit company and one of
China's largest online consumer
finance marketplaces. The Company enables affordable access to
digital credit for one of the world's largest untapped consumer
credit markets: China's
mobile-active consumers. The Company utilizes its proprietary,
mobile-first technology to select consumers for its platform. China
Rapid Finance was founded by Dr. Zane
Wang, who has decades of consumer credit industry experience
in the U.S. and China. For more
information, please visit http://ir.crfchina.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "may," "will," "expects," "anticipates,"
"aims," "future," "intends," "plans," "believes," "estimates,"
"likely to" and similar statements. The Company may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company'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, including but not
limited to the following: the Company's ability to file its Annual
Report in a timely manner or regain compliance with NYSE continued
listing standards, adjustments to prior period financial
statements, unexpected difficulties in the Company's pursuit of its
goals and strategies; the unexpected developments, including slow
growth, in the consumer lending market; reduced demand for, and
market acceptance of, the Company's products and services;
difficulties keeping and strengthening relationships with borrowers
or investors; difficulties of expanding data and channel
partnerships, potentially costly servicing activities; competition
in the consumer lending market; PRC governmental regulations and
policies; and general economic and business conditions in the
regions where the Company provides products and services. Further
information regarding these and other risks is included in the
Company's reports filed with, or furnished to, the Securities and
Exchange Commission. All information provided in this announcement
and in the attachments is as of the date of this announcement, and
the Company undertakes no duty to update such information except as
required under applicable law.
Investor Relations Contact:
The Blueshirt Group
Gary T. Dvorchak, CFA
gary@blueshirtgroup.com
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SOURCE China Rapid Finance