Uxin Raises US$25 Million in Two Private Placements

BEIJING, Oct. 06, 2020 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading national online used car dealer in China, today announced that it has separately entered into definitive agreements with two investors, pursuant to which Uxin will issue and sell an aggregate of 84,692,839 Class A ordinary shares to these investors through private placements for an aggregate purchase price of approximately US$25,000,000 (the “Private Placements”). The closings of the Private Placements are subject to customary conditions and are expected to occur in October 2020.

In addition, the Company entered into a letter agreement (the “Letter Agreement”) with affiliates of Warburg Pincus, TPG and 58.com (collectively, the “Strategic Investors”) to adjust the conversion price of the convertible notes in an aggregate principal amount of US$230 million issued to the Strategic Investors in June 2019. Pursuant to the Letter Agreement, in the two years immediately after the date of the Letter Agreement, if the Company issues or sells any equity securities for a price per ordinary share (the “New Issue Price”) that is less than the conversion price of the convertible notes, the Strategic Investors shall have the right to convert all or part of the outstanding convertible notes that they hold into Class A ordinary shares of the Company at a conversion price that is equal to the New Issue Price. The share conversion, if any, shall be completed substantially concurrently with the consummation of such issuance or sale of equity securities.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, said, “We are pleased to receive investments from these two leading international investors. With our auto financing-related guarantee liabilities and credit risk behind us, we have shifted our strategic focus to a new phase of development where we offer high-quality value-for-money used cars and best-in-class car purchasing services to our customers. We are happy to see that these investors support our strategic direction and long-term growth trajectory. With their support and our business transformation and upgrade in place, we are confident that we will be able to strengthen our market position as China’s leading national online used car dealer.”