Renren Announces Repurchase of SoftBank Shares

Rhea-AI Summary

Renren Inc. announces the repurchase of 288 million ordinary shares from SoftBank Group Capital Limited. The shares were repurchased at an aggregate purchase price of US$7,132,160, equivalent to US$1.1144 per ADS. The company used cash on hand for the repurchase.

Positive

• Renren repurchased 288 million ordinary shares from SoftBank at a price of US$1.1144 per ADS, increasing shareholder value.

Negative

• No negative takes found.

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.

FAQ

What did Renren announce?

Renren announced the repurchase of 288 million ordinary shares from SoftBank.

How much did Renren pay for the shares?

Renren paid an aggregate purchase price of US$7,132,160 for the shares.

How were the shares repurchased?

The company used cash on hand to complete the share repurchase.

How many shares are still available for repurchase?

Approximately $1.1 million remains authorized and available for further repurchases.