China’s Uxin Limited published an announcement, stating that the company has signed final stock offering agreements with two investors.
According to the agreements, Uxin will issue and sell a total of 84,692,839 Class A common stocks to these two investors through private placement at a total purchase price of approximately USD25 million.
Uxin said that the transaction is expected to close in October 2020.
Dai Kun, founder, chairman and CEO of Uxin, said that they are glad to receive investments from the two leading international investors. With the disappearance of their secured debt and credit risks related to auto finance, they have shifted their strategic focus to a new development stage, providing customers with high-quality, value-for-money used cars and first-class car purchase services.
At the same time, Uxin announced the signing of written agreements with Warburg Pincus, TPG and 58.com to adjust the conversion price of the USD230 million convertible notes issued to them in June 2019.