2023-05-24 07:26:30 ET
- Renren ( NYSE: RENN ) r epurchases 288M shares held by SoftBank Group Capital.
- The stock price is down 2% during pre-market on Wednesday.
- On May 23, 2023, Renren entered into a share repurchase agreement with SoftBank, under which the Company repurchased from SoftBank ~152.87M shares and ~135.13M Class B ordinary shares at an aggregate purchase price of $7.13M which is equivalent to $1.1144 per ADS.
- The company used cash on hand to complete the share repurchase and retired the ordinary shares purchased.
- Stock price drops 2% pre-market.
For further details see:
Renren down 2%, repurchases 288M SoftBank shares