Uxin Announces Entry into Definitive Agreements with Golden Pacer
September 30 2019 - 7:00AM
Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading
national online used car dealer in China, today announced it
entered into definitive agreements with Golden Pacer, a leading
financial technology platform in China, to divest its loan
facilitation related business. Previously on July 12, 2019, the
Company announced that it had entered into a binding term sheet
with Golden Pacer relating to the divestiture.
Pursuant to the definitive agreements, the
Company will divest its entire 2C intra-regional business to Golden
Pacer, and cease to provide guarantee services in connection with
its 2C cross-regional business (which is currently referred as “2C
online used car transaction business”) going forward, and thus
divest the corresponding assets and liabilities. In return, the
Company will receive an aggregate of US$100 million cash from
Golden Pacer and certain preferred shares of Golden Pacer
representing approximately 18.4% of the share capital of Golden
Pacer on a fully diluted basis. The Company will have the right to
appoint one director on Golden Pacer’s board of directors. The
transactions contemplated under the definitive agreements are
subject to certain closing conditions, and are currently expected
to close by the end of 2019.
The Company’s board of directors, acting upon
the unanimous recommendation of its Audit Committee consisting of
independent and disinterested directors, approved the definitive
agreements and the transactions contemplated thereunder. The Audit
Committee reviewed and considered the terms of the definitive
agreements and the transactions with the assistance of its
financial and legal advisors.
About UxinUxin Limited (Nasdaq:
UXIN) is a leading national online used car dealer 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 to buy used cars through an innovative integrated online
platform and offline service and fulfilment networks, which address
each step of the transaction and cover the entire value chain. Its
online presence is bolstered by an offline network of more than
1,300 service centers in over 250 prefecture-level cities
throughout China.
Safe Harbor Statement This
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. 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
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