PHOENIX, June 8, 2023
/PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the
"Company") announced today that
it will change its name to Moatable, Inc.,
which is anticipated to become effective on June 22, 2023.
Over the course of 5~7 years, Renren sold off its SNS business,
divested its used car business, and shifted its business focus to a
vertical SaaS model serving BtB
customers. The Company's rebranding
reflects its business model's change from B2C internet to
vertical B2B SaaS.
"The Moatable brand better represents who we
are today, where we are going, and how we get there,"
said Joseph Chen, Chairman and CEO
of the Company. "Moatable reflects our desire to continue
incubating, acquiring, and operating high-growth SaaS businesses
with competitive moats and the ability to scale."
"We intend for our portfolio companies to be 'moatable' meaning they have competitive
moats – or safeguards – such as technology,
network effects, entry and exit barriers, first mover advantage,
and economies of scale," added Chris
Palmer, CFO. "The new
branding embodies our focus
on building great businesses and reflects our ongoing
efforts to create long-term value for our stakeholders through
innovation, efficiency, and a growth mindset."
The existing ticker symbol RENN will be retired on June 22, 2023, with the Company thereafter traded
under MTBL. To learn more, visit www.moatable.com.
About Renren Inc.
Renren Inc. incubates, acquires, and builds category-leading
vertical industry SaaS businesses. The Company currently majority
holds several U.S.-based SaaS businesses including Chime
Technologies, Inc. (www.chime.me) an
all-in-one CRM and sales acceleration platform designed to
help real estate professionals close more deals faster, and
Trucker Path, Inc. (www.truckerpath.com), a suite of
applications and dispatch services commercial truck drivers use to
plan trips, navigate, and operate their business, both
vertical SaaS businesses serving segments for industries with
multi-million participants. American depositary shares, each
currently representing 45 Class A ordinary shares of the Company,
are traded on the New York Stock Exchange under the ticker symbol
RENN.
Forward-Looking Statements
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.
Statements that are not historical facts, including statements
about Renren's beliefs and expectations, including
statements on making investments and operating businesses that
generate long-term returns for investors, and expectations for
future growth and innovation 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: Renren's goals and
strategies; Renren's future business development,
financial condition and results of
operations; Renren's expectations regarding demand for
and market acceptance of its services; Renren's plans to
enhance user experience, infrastructure and service offerings.
Further information regarding these and other risks is included in
our annual report on Form 10-K for the year ended December 31,
2022 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.
View original
content:https://www.prnewswire.com/news-releases/renren-announces-proposed-name-change-to-moatable-inc-301845741.html
SOURCE Renren Inc.