- E-commerce platform for buying and selling used cars in China, Uxin ( NASDAQ: UXIN ), entered into definitive agreements with an affiliate of an existing shareholder, Nio Capital, for the subscription of 714,285,714 senior convertible preferred shares for $100M.
- The proceeds, to be paid in multiple installments, are intended to be used to develop the Inspection and Reconditioning Plant in Hefei, expand capacities and support long-term business growth.
- The transaction is subject to certain customary conditions.
- The issued preferred shares represent ~20% of UXIN's total issued ordinary shares on an as-converted and fully diluted basis.
- Source: Press Release
For further details see:
Uxin agrees with shareholder affiliate for $100M preferred shares subscription