Uxin Announces Private Placement of US$50 Million of Convertible Notes
July 12 2019 - 08:00AM
Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest
used car e-commerce platform in China, today announced that it has
entered into convertible note purchase agreements with
PacificBridge Asset Management (“PacificBridge”), pursuant to which
Uxin will issue and sell convertible notes in an aggregate
principal amount of US$50 million to investment funds managed by
PacificBridge through a private placement. The private placement is
subject to multiple closings with certain customary closing
conditions and is expected to be fully completed in the second half
of 2019.
The convertible notes will mature in 12 months
or 15 months, bearing interest at the rates of 10% or 11% per annum
from the issuance date, respectively, depending on the maturity
date. Each note will be convertible into Class A ordinary shares of
the Company at a conversion price of US$1.663 per share (equivalent
to US$4.989 per ADS) at the holder’s option after a 180-day period
after the issuance.
Mr. Kun Dai, Founder, Chairman and Chief
Executive Officer of Uxin, said, “We are pleased to welcome
PacificBridge as our new investor. This new private placement will
bolster our initiatives to optimize the online used car purchasing
experience and better position us to extend our leadership in
China’s used car e-commerce sector. As we continue to refine our
platform and make our full suite of product and service offerings –
from standardized inspections, online inventory, nationwide offline
service and fulfillment network, to comprehensive aftersales
services – available to more consumers across multiple city tiers
in China, we are confident that Uxin will increasingly be
recognized as the ‘go-to’ platform to buy used cars online.”
About Uxin Uxin Limited
(Nasdaq: UXIN) is the largest used car e-commerce platform in
China. Uxin’s mission is to enable people to buy the car of their
choice, no matter where they are located or what their budget is.
Uxin enables consumers and dealers to buy and sell cars through an
innovative integrated online and offline platform that addresses
each step of the transaction and covers the entire value chain. Its
online presence is bolstered by an offline network of more than
1,300 service centers in over 400 prefecture-level cities
throughout China.
Safe Harbor StatementThis
announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Uxin may also make
written or oral forward-looking statements in its periodic reports
to the SEC, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about Uxin’s beliefs
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: Uxin’s goal and strategies; its expansion
plans; 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. Further
information regarding these and other risks is included in Uxin’s
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Uxin does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor enquiries, please contact:Nancy
SongUxin Investor RelationsTel: +86 10 5691-6765Email:
ir@xin.com
For media enquiries, please contact:Yi-Ke
HongBrunswick GroupTel: +86 10 5960-8600Email:
uxin@brunswickgroup.com
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