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Ruhnn Holding Limited (NASDAQ: RUHN) announced the completion of its merger with RUNION Mergersub Limited, making it a wholly owned subsidiary of RUNION Holding Limited. As a result, RUHN's American depository shares (ADS) will be exchanged for cash, with each ADS valued at US$3.50, and Class A ordinary shares at US$0.70. The trading of RUHN's ADS on Nasdaq was suspended on April 20, 2021, and the company plans to file Form 25 to notify the SEC of its delisting and deregistration. This transaction is part of a strategy to streamline operations and reduce reporting obligations.
Ruhnn Holding Limited (NASDAQ: RUHN) announced March 10, 2021, as the record date for the dissemination of its Rule 13e-3 Transaction Statement in relation to a 'going private' transaction. This merger, in partnership with RUNION Holding Limited, is expected to close in April 2021, resulting in the delisting of its American Depositary Shares from Nasdaq. The Company connects key opinion leaders (KOLs) with brands in the fashion sector, having 180 signed KOLs and 295.3 million fans on social media as of September 30, 2020.
Ruhnn Holding Limited (NASDAQ: RUHN), a top internet KOL facilitator in China, announced a merger agreement with RUNION Holding Limited, suggesting an equity value of US$296.4 million. Upon completion, shareholders will receive US$3.50 per ADS and US$0.70 per ordinary share. This implies a premium of 13.6% over the last ADS closing price before the proposal. The merger is anticipated to finalize by June 30, 2021, and will transition the company to a privately held entity, removing it from NASDAQ listings.
Ruhnn Holding Limited (NASDAQ: RUHN), a leading internet KOL facilitator in China, has appointed Duff & Phelps, LLC and Gibson, Dunn & Crutcher LLP to assist its Special Committee in evaluating a non-binding proposal from its founders to acquire all outstanding shares at $3.40 per ADS in a going private transaction. The Board advises caution to shareholders, indicating no definitive decisions have been made regarding the proposal, which was received on November 25, 2020, and emphasizes that no guarantee exists for its approval or consummation.
Ruhnn Holding Limited (NASDAQ: RUHN) announced on November 25, 2020, that its board received a preliminary non-binding proposal from founders Min Feng, Lei Sun, and Chao Shen. The proposal aims to acquire all outstanding Class A and Class B shares not already owned by the buyer group at a price of US$0.68 per share (US$3.4 per ADS). This represents a premium of 10.4% over the previous day's closing price. A special committee has been formed to evaluate the proposal. No decisions have yet been made regarding the transaction.
Ruhnn Holding Limited (NASDAQ: RUHN) reported its financial results for Q2 FY2021, ending September 30, 2020. Services revenue surged by 84% year-over-year to RMB119.3 million (US$17.6 million), representing 48% of total net revenue. Despite this growth, total net revenue declined by 9% to RMB248.5 million (US$36.6 million). Gross margin fell to 41%, while net loss narrowed by 38% to RMB31.2 million (US$4.6 million). The Company anticipates net revenue from services through the platform model to reach RMB520.0 million to RMB610.0 million for the fiscal year.
Ruhnn Holding Limited (NASDAQ: RUHN) will announce its second quarter fiscal year 2021 financial results on November 23, 2020, before U.S. market opening. An earnings conference call is scheduled for 7:00 AM ET on the same day, enabling investors to discuss the results. The company is a leading facilitator of internet KOLs in China, with 174 signed KOLs and a combined audience of 263.1 million fans across social media. For detailed participation, registration is required prior to the call.
Ruhnn Holding Limited (NASDAQ: RUHN) announced the appointment of KPMG Huazhen LLP as its new independent registered public accounting firm, following a thorough evaluation by its audit committee. This transition from Deloitte Touche Tohmatsu Certified Public Accountants LLP (DTT) was made without any disagreements regarding accounting practices. DTT's previous reports did not contain adverse opinions, ensuring a smooth handover. As of June 30, 2020, Ruhnn had 174 signed KOLs with a total of 263.1 million fans on major Chinese social media platforms.
Ruhnn Holding Limited (NASDAQ: RUHN), a top internet key opinion leader (KOL) facilitator in China, announced its participation in two upcoming investor conferences. These events include the ICA Asia Insights Forum on September 23, 2020, and the Zhitong Caijing China Concept Stock Summit on September 24, 2020. Management will engage with institutional investors at these conferences. As of June 30, 2020, Ruhnn has 174 signed KOLs with a total of 263.1 million fans across major Chinese social media platforms, showcasing its significant influence in the KOL ecosystem.
Ruhnn Holding Limited (NASDAQ: RUHN) reported unaudited financial results for Q1 FY2021, ending June 30, 2020, demonstrating a strong shift towards its platform model. Services revenue surged by 74% year-over-year to RMB113.7 million (US$16.1 million), significantly contributing 41% of total net revenue which decreased by 10% to RMB280.4 million (US$39.7 million). Net loss was RMB56.6 million (US$8.0 million), impacted by a noncash impairment of RMB53.2 million. Adjusted net income improved to RMB10.7 million compared to a loss in the prior year.
