Uxin Provides Updates on Payments Under Financing Transaction and Amended 2019 Note

Rhea-AI Summary

Uxin Limited (Nasdaq: UXIN), a leading used car e-commerce platform in China, announced that NIO Capital has met its payment obligations, totaling $80 million, for its subscription of senior convertible preferred shares. This commitment is part of a $100 million agreement established in June 2022. Additionally, Uxin fulfilled all payment obligations under a convertible promissory note amounting to $61.6 million, initially issued in June 2019 and revised in June 2021. Uxin is focused on enhancing its market presence through superior customer experience and operational capabilities in the used car sector.

Positive

• NIO Capital has paid $80 million toward its $100 million investment in Uxin's preferred shares.
• Uxin has completed its payment obligations of $61.6 million under a convertible promissory note.

Negative

• None.

BEIJING, April 05, 2023 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”, together with its subsidiaries, the “Group”) (Nasdaq: UXIN), a leading e-commerce platform for buying and selling used cars in China, today announced that NIO Capital has fulfilled its obligations to pay a portion of the remaining outstanding purchase price for its subscription of senior convertible preferred shares of the Company, based on further agreed-upon schedules. To date, NIO Capital has fulfilled its obligations to pay a total of US$80 million of the purchase price. As previously disclosed, an affiliate of NIO Capital entered into definitive agreements with the Company in June 2022 to subscribe for senior convertible preferred shares of the Company for an aggregate purchase price of US$100 million, payable in multiple installments.

The Company also announced that it has fully performed its outstanding payment obligations under certain convertible promissory note originally issued in June 2019 and amended in June 2021, totaling an aggregate of US$61.6 million.

About Uxin

Uxin is a leading e-commerce platform for buying and selling used cars in China. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in select regions through offline inspection and reconditioning centers. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of the used car industry.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to 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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Uxin’s beliefs, plans, and expectations, 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: the risk and uncertainties as to the timing of the entry into definitive agreements or consummation of the transactions; the risk that certain closing conditions of the transactions may not be satisfied on a timely basis, or at all; impact of the COVID-19 pandemic; Uxin’s goal and strategies; its expansion plans and successful completion of certain financing transactions; its future business development, financial condition and results of operations; Uxin’s expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China’s used car e-commerce industry; the laws and regulations relating to Uxin’s industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing.

For investor and media enquiries, please contact:

Uxin Limited Investor Relations

Email: ir@xin.com

The Blueshirt Group

Jack Wang

Phone: +86 166-0115-0429

Email: Jack@blueshirtgroup.com

FAQ

What recent payment has NIO Capital made to Uxin Limited?

NIO Capital has paid $80 million as part of its $100 million investment in Uxin's senior convertible preferred shares.

How much has Uxin Limited fulfilled in its payment obligations?

Uxin has fully performed its payment obligations totaling $61.6 million under a convertible promissory note.

What is the significance of NIO Capital's investment in Uxin?

The investment signifies NIO Capital's confidence in Uxin's business model and growth potential in the used car e-commerce sector.