PHOENIX, May 24, 2023
/PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the
"Company"), which operates two U.S.-based SaaS businesses,
Chime Technologies Inc.© and Trucker Path Inc.©, today
announced the repurchase of 288 million ordinary shares of the
Company held by SoftBank Group Capital Limited
("SoftBank").
On May 23, 2023, Renren entered
into a share repurchase agreement with SoftBank, under which the
Company repurchased from SoftBank 152,870,520 Class A ordinary
shares and 135,129,480 Class B ordinary shares of the Company at an
aggregate purchase price of US$7,132,160, which is equivalent to US$1.1144 per ADS. The Company used cash on hand
to complete the share repurchase and retired the ordinary shares
purchased.
The share repurchase was made under the Company's current share
repurchase program as previously approved by the board of directors
of the Company (the "Board"). Following the share repurchase,
approximately $1.1 million remains
authorized and available for further repurchases, as conditions
allow, on the open market or through privately negotiated
transactions.
For more information about this transaction, please refer to the
Current Report on Form 8-K filed by the Company with the U.S.
Securities and Exchange Commission on this same date.
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. 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.