Uxin to divest 2C intra-regional business to Golden Pacer
Uxin announced it entered into definitive agreements with Golden Pacer to divest its loan facilitation related business. Previously on July 12, 2019, the Company announced that it had entered into a binding term sheet with Golden Pacer relating to the divestiture. Pursuant to the definitive agreements, the Company will divest its entire 2C intra-regional business to Golden Pacer, and cease to provide guarantee services in connection with its 2C cross-regional business going forward, and thus divest the corresponding assets and liabilities. In return, the Company will receive an aggregate of $100M cash from Golden Pacer and certain preferred shares of Golden Pacer representing approximately 18.4% of the share capital of Golden Pacer on a fully diluted basis. The Company will have the right to appoint one director on Golden Pacer's board of directors. The transactions contemplated under the definitive agreements are subject to certain closing conditions, and are currently expected to close by the end of 2019. The Company's board of directors, acting upon the unanimous recommendation of its Audit Committee consisting of independent and disinterested directors, approved the definitive agreements and the transactions contemplated thereunder. The Audit Committee reviewed and considered the terms of the definitive agreements and the transactions with the assistance of its financial and legal advisors.