China Rapid Finance Enters into Agreements with YBT/SOS and Investors to Create A More Diversified Business
CHINA RAPID FINANCE LTD (XRF)
Last china rapid finance ltd earnings: 11/20 07:21 pm
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Source: PR Newswire
SHANGHAI, May 6, 2020 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) (the "Company") today announced the execution of a set of agreements (the "Agreements") on May 5, 2020 with Yong Bao Two Ltd. ("YBT"), the parent company of SOS Information Technology Co., Ltd. ("SOS") via a variable interest entity ("VIE"), the shareholders of YBT ("YBT Shareholders"), eight sophisticated investors introduced by YBT (the "Purchasers," collectively with the YBT Shareholders as the "Investors") and True North Financial, LLC ("True North"). The Agreements will allow the Investors to acquire share amounts previously issued to True North as well as certain additional shares in exchange for the repayment of the Senior Secured Promissory Note issued by True North Financial. YBT shareholders will be contributing the YBT business into XRF. The purchasers will make certain cash investments. The per share purchase price for the transaction is $1.36 which reflects an approximate 25% premium to the 30-d
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