BEIJING, April 6, 2017 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), which operates a social
networking service and internet finance business in China, today announced that it sold preferred
shares of Social Finance, Inc. ("SoFi") to certain investors on
April 4, 2017, in connection with
SoFi's most recent round of equity financing. The Company received
net proceeds of $91.9 million for
these shares. After this transaction, the Company still has 85.9%
of its previous holdings in SoFi.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a social networking
service (SNS) and internet finance business in China. Our SNS
enables users to connect and communicate with each other, share
photos and access mobile live streaming. Our internet finance
business includes primarily auto financing. Renren.com and our
renren mobile application had approximately 238 million activated
users as of September 30, 2016. Renren's American
depositary shares, each of which represents fifteen Class A
ordinary shares, trade on NYSE under the symbol
"RENN".
About Social Finance, Inc.
SoFi is a new kind of finance company taking a radical approach
to lending, wealth management, and insurance. From unprecedented
products and tools to faster service and open conversations, SoFi
is all about helping its members get ahead and find success.
Whether they're looking to buy a home, save money on student loans,
ascend in their careers, or invest in the future, the SoFi
community works to empower its members to accomplish the goals they
set and achieve financial greatness as a result.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under 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," "future," "intends," "plans,"
"believes," "estimates" and similar
statements. Renren may also make written or oral
forward-looking statements in its filings with the U.S.
Securities and Exchange Commission ("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 Renren's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in our
annual report on Form 20-F and other documents filed with
the SEC. All information provided in this press release is as
of the date of this press release, and Renren does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
For more information, please contact:
Cynthia Liu
Investor Relations Department
Renren Inc.
Tel: (86 10) 8448 1818 ext. 1300
Email: ir@renren-inc.com
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SOURCE Renren Inc.