BEIJING, Jan. 29, 2019 /PRNewswire/ — Renren Inc. (NYSE: RENN) (“Renren”) today appear that on January 28, 2019, Kaixin Auto Accumulation (“Kaixin”), a arch exceptional acclimated car dealership arrangement in China endemic by Renren, entered into a convertible accommodation acceding with Kunlun Tech Bound (“Kunlun”), a Hong Kong aggregation endemic by Beijing Kunlun Tech Co., Ltd. (Shenzhen Stock Exchange: 300418), pursuant to which Kunlun has agreed to fund, accountable to accepted closing conditions, a $23 actor convertible accommodation to Kaixin (the “Loan”), with absorption payable at the bulk assured by the People’s Bank of China. The aboriginal tranche of the Loan, in the bulk of $20 million, was adjourned on January 28, 2019, and the actual $3 actor is to be adjourned on or afore January 31, 2020.
As ahead announced, on November 2, 2018, CM Seven Star Accretion Corp. (“CM Seven Star”), a bare analysis aggregation formed for the purpose of entering into a business aggregate with one or added businesses, entered into a absolute allotment barter acceding with Kaixin and Renren to access 100% of the issued and outstanding shares of Kaixin in a transaction admired at about $454 million. Upon achievement of this proposed business combination, all amounts outstanding beneath the Accommodation will automatically be adapted into CM Seven Star units at a about-face bulk of $10 per unit. The bulk payable beneath the additional tranche of the Accommodation will, if adjourned afterwards the achievement of the proposed business combination, automatically catechumen into CM Seven Star units at a about-face bulk of $10 per unit. CM Seven Star is additionally a affair to the convertible accommodation agreement.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a amusing networking account (SNS) business, acclimated car business and SaaS business. Renren’s American depositary shares, anniversary of which represents fifteen Class A accustomed shares, barter on the NYSE under the attribute “RENN”.
About Kaixin Auto Group
Founded in 2015 as a adventure into China’s acclimated car costs bazaar by its accumulated ancestor Renren Inc., Kaixin Auto Accumulation is a arch exceptional acclimated car dealership in China. Supported by the accelerated advance of China’s acclimated car bazaar and leveraging its own amalgam business archetypal that offers both able online and offline presence, Kaixin has adapted from a tech-enabled costs belvedere into a civic banker arrangement that combines self-owned and affiliated dealers as able-bodied as amount added and after-sale services.
About Beijing Kunlun Tech Co. Ltd.
Established in 2008 and leveraging its R&D and operational advantage, Beijing Kunlun Tech Co., Ltd. (Shenzhen Stock Exchange: 300418) is committed to acceptable a world-leading amusing media and agreeable platform. Beijing Kunlun consists of three aloft business units – a adaptable bold belvedere (GameArk), an ball amusing belvedere (Xianlai Entertainment) and a amusing media belvedere (Grindr) – and creates synergy through the accumulation big abstracts system.
About CM Seven Star Accretion Corporation
In October of 2017, CM Seven Star Accretion Corporation, a Cayman Islands exempted bound accountability aggregation completed its antecedent accessible offering. Sponsored by Shareholder Amount Fund, a Cayman armamentarium controlled by its Board of Directors, which has called CM Asset Management (Hongkong) Aggregation Bound (“CMAM”) to serve as the advance administrator for the fund. CMAM is a wholly endemic accessory of China Minsheng Financial Holding Corporation Limited, a Hong Kong Stock Barter listed Company. CM Seven Star was formed as a bare analysis aggregation for the purpose of entering into a merger, allotment exchange, asset acquisition, allotment purchase, recapitalization, about-face or agnate business aggregate with one or added businesses or entities. CM Seven Star’s efforts to analyze a -to-be ambition business will not be bound to a accurate industry or geographic location.
Safe Harbor Statement
This advertisement contains advanced statements. These statements are fabricated beneath the “safe harbor” accoutrement of the U.S. Private Balance Litigation Reform Act of 1995. These advanced statements can be articular by analogue such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and agnate statements. Renren may additionally accomplish accounting or articulate advanced statements in its filings with the U.S. Balance and Barter Commission (the “SEC”), in its anniversary address to shareholders, in columnist releases and added accounting abstracts and in articulate statements fabricated by its officers, admiral or advisers to third parties. Statements that are not actual facts, including statements about Renren’s behavior and expectations, are advanced statements. Advanced statements absorb inherent risks and uncertainties. Further advice apropos these and added risks is included in our anniversary address on Form 20-F, the 6-K referred to aloft and added abstracts filed with the SEC. All advice provided in this columnist absolution is as of the date of this columnist release, and Renren does not undertake any obligation to amend any advanced statement, except as appropriate beneath applicative law.
There can be no affirmation that the proposed transaction will be completed, nor can there be any assurance, if the proposed transaction is completed, that the abeyant allowances of such transaction will be realized. The description of the transaction independent herein is alone a arbitrary and is able in its absoluteness by advertence to the absolute agreement(s) apropos to that transaction, a archetype of which is furnished by Renren with the SEC as an display to a Current Address on Form 6-K.
No Action or Solicitation
This columnist absolution is for advisory purposes alone and shall not aggregate an action to advertise or the address of an action to buy any balance pursuant to the proposed transaction or otherwise, nor shall there be any auction of balance in any administration in which the offer, address or auction would be actionable above-mentioned to the allotment or accomplishment beneath the balance laws of any such jurisdiction. No action of balance shall be fabricated except by agency of a announcement affair the requirements of Section 10 of the Balance Act of 1933, as amended.
Additional Advice and Where to Find It
In affiliation with the transaction amid Kaixin Auto Accumulation and CM Seven Star Accretion Corporation, CM Seven Star Accretion Corporation will book accordant abstracts with the Balance and Barter Commission (the “SEC”), including a proxy account on Schedule 14A. Promptly afterwards filing its absolute proxy account with the SEC, CM Seven Star Accretion Corporation will mail the absolute proxy account and a proxy agenda to anniversary stockholder advantaged to vote at the appropriate affair apropos to the transaction. INVESTORS AND SECURITY HOLDERS OF CM SEVEN STAR ACQUISITION CORPORATION ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT CM SEVEN STAR ACQUISITION CORPORATION WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CM SEVEN STAR ACQUISITION CORPORATION, KAIXIN AUTO GROUP AND THE TRANSACTION. The basic proxy statement, the absolute proxy account and added accordant abstracts in affiliation with the transaction (when they become available), and any added abstracts filed by CM Seven Star Accretion Corporation with the SEC, may be acquired chargeless of allegation at the SEC’s website (www.sec.gov) or by autograph to CM Seven Star Accretion Corporation Suite 1306, 13th Floor, AIA Central, 1 Connaught Road, Central, Hong Kong.
Participants in Solicitation
CM Seven Star Accretion Corporation, Kaixin Auto Group, Renren Inc., and their corresponding directors, controlling admiral and advisers and added bodies may be accounted to be participants in the address of proxies from the holders of CM Seven Star Accretion Corporation accustomed shares in account of the proposed transaction. Advice about CM Seven Star Accretion Corporation’s admiral and controlling admiral and their buying of CM Seven Star Accretion Corporation’s accustomed shares is set alternating in CM Seven Star Accretion Corporation’s Anniversary Address on Form 10-K for the year concluded December 31, 2017 filed with the SEC, as adapted or supplemented by any Form 3 or Form 4 filed with the SEC back the date of such filing. Added advice apropos the interests of the participants in the proxy address will be included in the proxy account pertaining to the proposed transaction back it becomes available. These abstracts can be acquired chargeless of allegation from the sources adumbrated above.
For added information, amuse contact:
Investor Relations DepartmentRenren Inc.Tel: (86 10) 8448 1818 ext. 1300Email: firstname.lastname@example.org
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