Breaking News

Uxin announced that it plans to change the ratio of its American Depositary Shares, or ADSs, to Class A ordinary shares from one ADS representing three Class A ordinary shares to one ADS representing 30 Class A ordinary shares. This ratio change will have the same effect as a one-for-ten reverse ADS split for Uxin's ADSs holders. There will be no change to Uxin's underlying Class A ordinary shares, and no Class A ordinary shares will be issued or cancelled in connection with this ratio change. No action is required by holders of ADSs to effect the ratio change, as the change will be effected on the books of the ADS depositary. Following the ratio change, Uxin's ADSs will continue to be traded on Nasdaq.

Uxin announced that it has entered into definitive agreements with an affiliate of an existing shareholder, Nio Capital, for the subscription of 714,285,714 senior convertible preferred shares of the Company for an aggregate amount of $100M, which will be paid in multiple installments. The completion of the transaction is subject to certain customary conditions. Following the closing of the transaction, the issuance of 714,285,714 senior convertible preferred shares will represent approximately 20% of the Company's total issued ordinary shares on an as-converted and fully diluted basis, considering the anti-dilution adjustment to the previously issued preferred shares of the Company. The binding term sheet previously announced on May 16, 2022 has been replaced with the definitive agreements. The Company plans to use the proceeds from the financing transaction primarily to develop its Inspection and Reconditioning Plant in Hefei, expand its capacities to provide high quality used cars, and support its long-term business growth.

Uxin announced that it has received written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market dated May 18, 2022, indicating that for the last 30 consecutive business days, the closing bid price for the Company's American depositary shares was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1). The Nasdaq notification letter has no current effect on the listing or trading of the Company's securities on Nasdaq. Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until November 14, 2022, to regain compliance under the Nasdaq Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company's ADSs is US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance by November 14, 2022, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period. The Company's business operations are not affected by the Nasdaq notification letter. The Company intends to monitor the closing bid price of its ADSs between now and November 14, 2022 and will take all reasonable measures in order to regain compliance with the Nasdaq minimum bid price requirement.