PHOENIX, May 27, 2022
/PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or
the "Company"), a SaaS company, today announced that
it has entered into an Amendment (the "Stipulation Amendment") to
the Stipulation of Settlement reached on October 7, 2021 (the "Initial
Stipulation," together with the Stipulation Amendment, the
"Stipulation"). Capitalized but undefined terms used
herein shall have the same meanings ascribed to them in Exhibit
99.1 of the Form 6-K furnished by the Company to the Securities and
Exchange Commission on October 8,
2021.
The Court declined to approve the Initial Stipulation by order
dated December 10, 2021, raising
concerns about (i) certain objections raised as to the recipients
of the settlement funds, (ii) the amount of requested attorneys'
fees, and (iii) the reversion to Renren of any remaining settlement
funds. On May 27, 2022, Plaintiffs
and Defendants, after additional negotiations, reached an agreement
on certain modifications to the Initial Stipulation, including the
definitions of "Final," "Settlement Amount" and "True Up," as well
as a modification to the reversion provision, which provides for
the distribution of remaining settlement funds. Plaintiffs and
Defendants entered into the Stipulation Amendment with the purpose
of reaching a new overall settlement of the entire Action (the
"Settlement").
As the Settlement remains subject to approval by the Court and
the fulfillment of other conditions set forth in the Stipulation,
which involve inherent risks and substantial uncertainties, there
is no guarantee that the Settlement will be consummated as
contemplated under the Stipulation or at all.
The foregoing summary of the Stipulation Amendment is qualified
in its entirety by reference to the complete text of that document,
which will be filed as an exhibit to the Form 6-K that the Company
intends to promptly furnish to the Securities and Exchange
Commission thereafter, attaching this press release as an exhibit
thereto.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates several U.S.-based SaaS
businesses including Chime, an all-in-one CRM and sales
acceleration platform designed to help real estate professionals
close more deals faster, and Trucker Path, a suite of applications
and dispatch services commercial truck drivers use to plan trips,
navigate, and operate their business. Renren's ADSs, each currently
representing 45 Class A ordinary shares of the Company, are traded
on NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar
statements. Renren may also make written or oral
forward-looking statements in its filings with the U.S.
Securities and Exchange Commission (the "SEC"),
in its annual report 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 Renren's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, which could cause actual results
to differ from the forward-looking statements. In particular,
as the proposed Settlement is contingent upon, among other things,
obtaining the necessary court approval, the Company cautions
investors that the forward-looking statements included in this
press release are not a guarantee of future events, and that actual
events may differ materially from those made in or suggested by the
forward-looking statements. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Further
information regarding these and other risks 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.
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SOURCE Renren Inc.