RENN - RENN STOCK NEWS

William T. Reid IV has been honored as the 2023 U.S. Plaintiff Litigator of the Year by Benchmark Litigation. The firm Reid Collins & Tsai LLP received the Impact Case of the Year award for achieving a $300 million recovery in the Renren Derivative Litigation, which aimed to protect minority shareholders of Renren, Inc. Furthermore, Reid Collins has been recognized as a finalist for U.S. Plaintiff Firm of the Year for the sixth consecutive year. These accolades spotlight the firm's commitment to investor protections and its success in high-stakes litigation, solidifying its reputation in the legal industry.

ResearchAndMarkets.com has released a report titled "Mobile Gaming in Asia by Technology, Platform, Stakeholder, Connectivity, Sub-Region and Countries 2023-2028," projecting the mobile gaming market in Asia to reach $93.2 billion by 2028. The report highlights the growth of mobile game publishers and service aggregators, expected to reach $51.3 billion by the same year. Key factors include the increasing number of data-enabled devices and the shift towards 'freemium' models. Notably, female gamers are growing 62% faster than their male counterparts, indicating a major demographic shift. Key challenges include mobile game piracy and the regulation of virtual currencies.

The global social commerce market is projected to grow by USD 4,196.98 billion from 2022 to 2027, reflecting a remarkable CAGR of 31%. Dominated by the APAC region, which is expected to contribute 76% to this growth, the market's expansion is fueled by the increasing penetration of smartphones and enhanced telecommunications infrastructure. Key drivers include the demand for a personalized shopping experience and extensive product portfolios. However, challenges like customer engagement and retention persist, hindering vendors' growth opportunities in this competitive landscape.

Renren Inc. (NYSE: RENN) has released unaudited financial results for the nine months ending September 30, 2022. The company declared a special cash distribution linked to a settlement, with expectations of a lower trading price for its American Depositary Shares (ADS) around the ex-dividend date of December 22, 2022. There are potential risks of suspension and delisting if ADS prices fall below US$1.00. In response, Renren's board has authorized a US$10 million share repurchase program to help stabilize share prices. The company reported significant write-downs in investments totaling US$41.45 million.

Renren Inc. (NYSE: RENN) announced an increase in the special cash distribution related to a settlement from $0.7013 to $0.7026 per Class A share, or $31.6170 per American Depositary Share (ADS). This increase is due to interest accrued in the settlement account. The payment is expected on December 21, 2022, while the Ex-Dividend date is set for December 22, 2022. Trading volatility is anticipated around these dates. If Renren's ADS trades below $1.00 for an extended period, it risks suspension from the NYSE and potential delisting.

Renren Inc. (NYSE: RENN) reported its unaudited financial results for the first half of 2022, showing a 42% increase in total net revenues to US$21.3 million, up from US$15.0 million in H1 2021. Paying subscriptions for its SaaS businesses rose significantly, with Chime at 3,000 and Trucker Path at 86,000. However, the operating loss increased to US$8.5 million, while the net loss from continuing operations was US$4.7 million. The company also announced a special cash distribution of US$0.7013 per Class A share to be paid from a $300 million settlement fund.

Renren Inc. (NYSE: RENN) announced a special cash distribution resulting from a settlement related to shareholder derivative litigation, totaling approximately US$247.1 million. The payment will be US$0.7013 per Class A ordinary share, payable on December 21, 2022, with a record date of November 21, 2022. The distribution will not impact Renren's financials as it is fully funded by defendants. However, volatility is expected in ADS trading around the payment date and the Ex-Dividend date of December 22, 2022, where trading prices may plummet below US$1.00.