Renren Announces Repurchase of SoftBank Shares
Renren Inc. American Depositary Shares, each representing fifteen Class A ordinary shares (RENN)
US:NYSE Investor Relations:
ir.renren-inc.com
Company Research
Source: PR Newswire
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 furthe
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