Renren

Renren Announces Proposed Name Change to Moatable, Inc.

Retrieved on: 
Thursday, June 8, 2023
SNS, Software as a service, Internet, Renren, BTB, NYSE, Marketing

PHOENIX, June 8, 2023 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company") announced today that it will change its name to Moatable, Inc., which is anticipated to become effective on June 22, 2023.

Key Points: 
  • PHOENIX, June 8, 2023 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company") announced today that it will change its name to Moatable, Inc., which is anticipated to become effective on June 22, 2023.
  • Over the course of 5~7 years, Renren sold off its SNS business, divested its used car business, and shifted its business focus to a vertical SaaS model serving BtB customers.
  • The Company's rebranding reflects its business model's change from B2C internet to vertical B2B SaaS.
  • "Moatable reflects our desire to continue incubating, acquiring, and operating high-growth SaaS businesses with competitive moats and the ability to scale."

Renren Announces Repurchase of SoftBank Shares

Retrieved on: 
Wednesday, May 24, 2023
Software as a service, Sumathi Best Television Current Reporting Award, Renren, SoftBank Group, NYSE, Bangladesh Securities and Exchange Commission, Share repurchase, OTC Bulletin Board, ADS, Security (finance)

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").

Key Points: 
  • 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").

Renren Reports First Quarter 2023 Financial Results

Retrieved on: 
Wednesday, May 17, 2023
Growth, Software as a service, Investment, NYSE, Renren, Chime

PHOENIX, May 17, 2023 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today reported its first quarter 2023 financial results.

Key Points: 
  • PHOENIX, May 17, 2023 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today reported its first quarter 2023 financial results.
  • Gross profit increased 20% over Q1 2022 to $9.4 million; gross profit margin increased from 76% in Q1 2022 to 78%
    "We remain focused on unlocking the full potential of both our SaaS platforms, Chime and Trucker Path, while making prudent investments in new initiatives such as our property management software and services platform Rentancy.
  • Our goal is to make investments and operate businesses that generate long-term returns for our investors," said Chris Palmer, chief financial officer of Renren.
  • "Moreover, we remain financially strong, with nearly $50 million cash and short-term investments to support our future growth and innovation."

William T. Reid, IV Named U.S. Plaintiff Litigator of the Year by Benchmark Litigation; Reid Collins & Tsai Awarded "Impact Case of the Year" for Renren Derivative Litigation

Retrieved on: 
Thursday, March 16, 2023
Benchmark, The National Law Journal, Collins, Reid Collins & Tsai, Fraud, History, IV, Tobacco, Renren

Plaintiff Firm of the Year for sixth consecutive year

Key Points: 
  • Plaintiff Firm of the Year for sixth consecutive year
    AUSTIN, Texas, March 16, 2023 /PRNewswire/ -- National trial firm Reid Collins & Tsai LLP ("Reid Collins") continues a remarkable run of industry recognitions with founding partner William T. Reid, IV being named the 2023 U.S.
  • Plaintiff Litigator of the Year by Benchmark Litigation, a leading guide to litigation firms and attorneys.
  • Benchmark also named Reid Collins a U.S.
  • Since its foundation in 2009, Reid Collins has gone from strength to strength establishing a reputation as a "go-to" firm for high-stakes plaintiff litigation.

Renren Reports Unaudited Financial Results for the Nine Months Ended September 30, 2022

Retrieved on: 
Wednesday, December 21, 2022
ADSS, ADS, NYSE, Exhibit, GAAP, Settlement, Trucker Path, Risk, Depreciation, Share repurchase, Cayman, Renren, Form, Annual report, Investment, Software as a service, American depositary receipt, Generally Accepted Accounting Principles (United States), Acquisition, Infinity Business School, Form 6-K, Bank, Kaixin001

PHOENIX, Dec. 21, 2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today reports its unaudited financial results for the nine months ended September 30, 2022 for informational purposes only.

Key Points: 
  • PHOENIX, Dec. 21, 2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today reports its unaudited financial results for the nine months ended September 30, 2022 for informational purposes only.
  • The Company will not host a conference call regarding its unaudited financial results for the nine months ended September 30, 2022.
  • These non-GAAP financial measures are not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP.
  • For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures" at the end of this release.

Renren Provides Update on Special Cash Distribution For Settlement Regarding Shareholder Derivative Litigation

Retrieved on: 
Monday, December 5, 2022
ADSS, Ex-dividend date, ADS, Settlement, Software as a service, CRM, NYSE, Trucker Path, Citibank, Automation, Marketing, Annual report, Tax, Security (finance), Renren, Chime

The amount of the special cash distribution was previously announced to be US$0.7013 per Renren Class A ordinary share, or US$31.5585 per Renren American Depositary Share ("ADS").

Key Points: 
  • The amount of the special cash distribution was previously announced to be US$0.7013 per Renren Class A ordinary share, or US$31.5585 per Renren American Depositary Share ("ADS").
  • The special distribution amount, in each case, is prior to the deduction of applicable taxes, fees, and expenses.
  • In order to receive the special cash distribution, you must continue to hold your Renren ADSs at least through the market close on the special cash distribution payment date (i.e.December 21, 2022).
  • If you buy Renren ADSs on or after the Ex-Dividend date, you will not receive the special cash distribution.

Renren Announces Unaudited First Half 2022 Financial Results

Retrieved on: 
Thursday, November 10, 2022
Duff & Phelps, Research, Initial, Defendant, Larrakeyah Barracks Headquarters Building, Solution, Client First Settlement Funding, ADSS, Company, Ownership, Marketing, NYSE, Date, Accounting, Board, Action, New York Stock Exchange, Board of directors, Software as a service, GAAP, Tax, Acquisition, Yoy, Hearing, Depreciation, Mission statement, Stipulation, Income, Investment, ASC, Ex-dividend date, NASDAQ, Trucker Path, D, ADS, Duff, Judgement, Prejudice, Settlement, LLC, Medical device, Cryptocurrency, Food delivery, Fossil fuel, Insurance, Lithium, Animal, Security (finance), Court, Chime, Kaixin001, Renren

PHOENIX, Nov. 10, 2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc. ("Chime") and Trucker Path Inc. ("Trucker Path"), today announced its unaudited financial results for the six months ended June 30, 2022.

Key Points: 
  • PHOENIX, Nov. 10, 2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc. ("Chime") and Trucker Path Inc. ("Trucker Path"), today announced its unaudited financial results for the six months ended June 30, 2022.
  • The following results compare the results for the first half of 2022 to the results for the first half of 2021.
  • Gross Margins from SaaS and other were 77% in the first half of 2022 compared to 84% in the first half of 2021.
  • Accordingly, Renren deconsolidated Kaixin's financial statements and results of operations from Renren, effective June 25, 2021, in accordance with ASC 810, Consolidation.

Renren Declares Special Cash Distribution for Settlement Regarding Shareholder Derivative Litigation

Retrieved on: 
Thursday, November 3, 2022
Trucker Path, U.S. Securities and Exchange Commission, Form 20-F, SEC, Forward-looking statement, ADSS, CRM, ADS, Supreme court, Tax, Time, Annual report, Final order, Software as a service, Marketing, Ex-dividend date, Judgement, Company, Renren, New York Stock Exchange, Defendant, Automation, NYSE, Eastern Time Zone, Settlement, Terminology, D, Security (finance), Chime

Renren will continue to operate its several SaaS businesses before and after the special cash distribution, and it intends to remain a public company listed on The New York Stock Exchange (the "NYSE").

Key Points: 
  • Renren will continue to operate its several SaaS businesses before and after the special cash distribution, and it intends to remain a public company listed on The New York Stock Exchange (the "NYSE").
  • Pursuant to the Renren ADS Deposit Agreement (as amended), the Depositary will charge a special cash distribution fee of US$0.05 per ADS held, which will be borne by the holders of ADSs.
  • In order to receive the special cash distribution, you must continue to hold your Renren ADSs at least through the market close on the special cash distribution payment date, which isexpected to be December 21, 2022.
  • If you buy Renren ADSs on or after the Ex-Dividend date, you will not receive the special cash distribution.

Renren Announces Effectiveness of Settlement Regarding Shareholder Derivative Litigation

Retrieved on: 
Wednesday, October 26, 2022
U.S. Securities and Exchange Commission, SEC, Form 20-F, Renren, CRM, Acceleration, Settlement, Software as a service, NYSE, Form 6-K, Annual report, Judgement, ADSS, Company, SUP, Forward-looking statement, Terminology, Supreme court, Public relations, Chime

The June 9 Final Order approves, among other things, the Stipulation of Settlement dated October 7, 2021, as amended by an Amendment to Stipulation of Settlement dated May 27, 2022 (in combination the "Stipulation").

Key Points: 
  • The June 9 Final Order approves, among other things, the Stipulation of Settlement dated October 7, 2021, as amended by an Amendment to Stipulation of Settlement dated May 27, 2022 (in combination the "Stipulation").
  • The Stipulation settles the consolidated shareholder derivative lawsuits captionedIn re Renren, Inc.
  • Derivative Litigation, Index No.
  • These statements are made under the "safe harbor" provisions of theU.S.Private Securities Litigation Reform Act of 1995.

Renren Announces Board Changes

Retrieved on: 
Tuesday, October 11, 2022
U.S. Securities and Exchange Commission, Koch Industries, SEC, CenterPoint Energy, Form 20-F, CRM, Acceleration, Purina Mills, Software as a service, NYSE, NASDAQ, Renren, FJ Management, MBA, Annual report, ADSS, Toms, Sustainability Accounting Standards Board, Company, USAK, Industry, Board, CEO, Director, Forward-looking statement, Terminology, Duke University, Management, Chime

PHOENIX, Oct. 11, 2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), a SaaS company serving multiple global industries, today announced the appointment of two new independent directors to its board of directors (the "Board"), Mr. James M. Dumler and Mr. James D. Reed, effective October 11, 2022.

Key Points: 
  • PHOENIX, Oct. 11, 2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), a SaaS company serving multiple global industries, today announced the appointment of two new independent directors to its board of directors (the "Board"), Mr. James M. Dumler and Mr. James D. Reed, effective October 11, 2022.
  • Ms. Hui Huang and Mr. Chuanfu Wang have concurrently resigned from their positions as a director of the Company and as members of the three committees of the Board.
  • After the changes, the Board will continue to consist of five members, three of whom are independent directors.
  • Huang and Mr. Wangfor their valuable contributions toRenrenduring their tenure on the Board," saidRenren'sChairman and Chief Executive Officer, Mr.Joseph Chen.