TuanChe Announces Receipt of Withdrawal of Going Private Proposal

Rhea-AI Summary

TuanChe Limited (NASDAQ: TC), a top automotive marketplace in China, has announced the withdrawal of its non-binding going private proposal initially made on January 21, 2021. Chairman and CEO Wei Wen stated this decision aims to expand future opportunities for the company. TuanChe connects automotive consumers with industry players, enhancing transaction efficiency through integrated marketing solutions.

Positive

• Withdrawal of the going private proposal allows TuanChe to explore broader growth opportunities.

Negative

• None.

BEIJING, Nov. 12, 2021 /PRNewswire/ -- TuanChe Limited ("TuanChe" or the "Company") (NASDAQ: TC), a leading integrated automotive marketplace in China, today announced that it has recently received a notice from its chairman and chief executive officer, Mr. Wei Wen ("Mr. Wen"), stating that in order to open up more opportunities for the company, Mr. Wen has decided to withdraw the non-binding going private proposal (the "Proposal") dated January 21, 2021.

About TuanChe

Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading integrated automotive marketplace in China. TuanChe offers services to connect automotive consumers with various industry players such as automakers, dealers and other automotive service providers. TuanChe provides automotive marketing and transaction related services by integrating its online platforms with offline sales events. Through its integrated marketing solutions, TuanChe turns individual and isolated automobile purchase transactions into large-scale collective purchase activities by creating an interactive many-to-many environment. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe's online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. For more information, please contact ir@tuanche.com.

For investor and media inquiries, please contact:

TuanChe Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com

Yang Song
Tel: +86 (10) 6508-0677
Email: tuanche@tpg-ir.com

View original content:https://www.prnewswire.com/news-releases/tuanche-announces-receipt-of-withdrawal-of-going-private-proposal-301422815.html

SOURCE TuanChe Limited

FAQ

What is TuanChe's latest announcement regarding the going private proposal?

TuanChe has withdrawn its non-binding going private proposal dated January 21, 2021, to create more growth opportunities.

Who is the CEO of TuanChe who announced the withdrawal of the proposal?

The CEO of TuanChe is Wei Wen.

When did TuanChe announce the withdrawal of the going private proposal?

TuanChe announced the withdrawal on November 12, 2021.

How does TuanChe serve its customers in the automotive market?

TuanChe connects automotive consumers with automakers, dealers, and service providers while enhancing transactions through integrated marketing solutions.

What is the stock symbol for TuanChe?

TuanChe is traded under the stock symbol 'TC'.