BEIJING, March 18,
2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the
"Company") (Nasdaq: UXIN), China's
leading used car retailer, today announced that it has entered into
a term sheet with Xin Gao Group Limited ("Xin Gao") and an investment fund focusing on
automobile related industries ("NC Fund," together with
Xin Gao, the "Investors") on
March 18, 2024 with respect to
financing by the Company from the Investors. Xin Gao is an existing shareholder of the
Company. Xin Gao is controlled by
Mr. Kun Dai, the chairman of the
Company's Board of Directors and the Company's chief executive
officer.
The term sheet constitutes a commitment by Company and the
Investors to negotiate in good faith to enter into definitive
agreements for the financing from the Investors in an aggregate
amount of approximately US$34.8
million at a subscription price of US$0.004858 per share (equivalent to US$1.4574 per ADS). The proposed transaction is
subject to the parties' execution of definitive agreements and
closing conditions to be stipulated therein.
About Uxin
Uxin is China's leading used
car retailer, pioneering industry transformation with advanced
production, new retail experiences, and digital empowerment. We
offer high-quality and value-for-money vehicles as well as superior
after-sales services through a reliable, one-stop, and hassle-free
transaction experience. Under our omni-channel strategy, we are
able to leverage our pioneering online platform to serve customers
nationwide and establish market leadership in selected regions
through offline inspection and reconditioning centers. Leveraging
our extensive industry data and continuous technology innovation
throughout more than ten years of operation, we have established
strong used car management and operation capabilities. We are
committed to upholding our customer-centric approach and driving
the healthy development of the used car industry.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements which are made pursuant to 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," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to,"
and similar statements. Statements that are not historical facts,
including statements about Uxin's beliefs, plans, 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: the risk and uncertainties as to the timing of the entry
into definitive agreements or consummation of the transactions; the
risk that certain closing conditions of the transactions may not be
satisfied on a timely basis, or at all; impact of the COVID-19
pandemic; Uxin's goal and strategies; its expansion plans and
successful completion of certain financing transactions; 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.
For investor and media enquiries, please contact:
Uxin Limited Investor Relations
Email: ir@xin.com
The Blueshirt Group
Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.com
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SOURCE Uxin Limited