PHOENIX, June 8, 2023 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company") announced today that it will change its name to Moatable, Inc., which is anticipated to become effective on June 22, 2023. Over the course of 5~7 years, Renren sold off its SNS business, divested its used car business, and shifted its business focus to a vertical SaaS model serving BtB customers. The Company's rebranding reflects its business model's change from B2C internet to vertical B2B SaaS. "The Moatable brand better represents who we are today, where we are going, and how we get there," said Joseph Chen, Chairman and CEO of the Company. "Moatable reflects our desire to continue incubating, acquir

PHOENIX, May 24, 2023 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), which operates two U.S.-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today announced the repurchase of 288 million ordinary shares of the Company held by SoftBank Group Capital Limited ("SoftBank").  On May 23, 2023, Renren entered into a share repurchase agreement with SoftBank, under which the Company repurchased from SoftBank 152,870,520 Class A ordinary shares and 135,129,480 Class B ordinary shares of the Company at an aggregate purchase price of US$7,132,160, which is equivalent to US$1.1144 per ADS. The Company used cash on hand to complete the share repurchase and ret

PHOENIX, May 17, 2023 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today reported its first quarter 2023 financial results. First Quarter 2023 Financial Highlights Revenue increased 18% over Q1 2022 to $12.1 millionGross profit increased 20% over Q1 2022 to $9.4 million; gross profit margin increased from 76% in Q1 2022 to 78%Loss from operations improved from a loss of $4.8 million in Q1 2022 to a loss of $3.4 millionNet cash used by operating activities of $2.8 million the first quarter of 2023 compared to $1.8 million used during the first quarter of 2022Total cash & cash

PHOENIX, Dec. 21, 2022 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today reports its unaudited financial results for the nine months ended September 30, 2022 for informational purposes only. On November 3, 2022, the Company declared a special cash distribution in connection with the settlement contemplated by the Stipulation of Settlement, dated as of October 7, 2021 and as amended on May 27, 2022. The trading price for Renren's American Depositary Shares ("ADSs") on and around the ex-dividend date for the special cash distribution (i.e. December 22, 2022) is expected to be

PHOENIX, Nov. 10, 2022 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc. © ("Chime") and Trucker Path Inc. © ("Trucker Path"), today announced its unaudited financial results for the six months ended June 30, 2022. First Half of 2022 Highlights Except where specified otherwise, the following commentary compares results for the six months ended June 30, 2022 to results for the corresponding period in 2021. Total net revenues improved 42% to US$21.3 million compared to US$15.0 million for the six months ended June 30, 2021.Paying subscriptions to the Company's SaaS businesses, Chime and Trucker Path, as of

PHOENIX, Nov. 3, 2022 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), an operator of several US-based SaaS businesses, today announced that its board of directors declared a special cash distribution in connection with the settlement contemplated by the Stipulation of Settlement, dated as of October 7, 2021 and as amended on May 27, 2022 (the "Stipulation"). As previously announced, the New York State Supreme Court, Commercial Division entered the Final Order and Judgment on June 9, 2022 (the "June 9 Final Order"), which, among other things, approves the Stipulation and the transactions contemplated thereby. The June 9 Final Order became final as of October 20, 2022 foll

PHOENIX, Oct. 26, 2022 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), a SaaS company, today announced that the Final Order and Judgment entered by the New York State Supreme Court, Commercial Division on June 9, 2022 (the "June 9 Final Order"), which was furnished by the Company to the U.S. Securities and Exchange Commission (the "SEC") on Form 6-K on June 10, 2022, became effective on October 20, 2022 following a withdrawal of appeal by certain parties. The June 9 Final Order approves, among other things, the Stipulation of Settlement dated October 7, 2021, as amended by an Amendment to Stipulation of Settlement dated May 27, 2022 (in combination the "Stipulation"). Th

PHOENIX, Oct. 11, 2022 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), a SaaS company serving multiple global industries, today announced the appointment of two new independent directors to its board of directors (the "Board"), Mr. James M. Dumler and Mr. James D. Reed, effective October 11, 2022. Ms. Hui Huang and Mr. Chuanfu Wang have concurrently resigned from their positions as a director of the Company and as members of the three committees of the Board. Ms. Huang and Mr. Wang resigned for personal reasons, and their resignation is not related to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. After the c

PHOENIX, June 10, 2022 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), a SaaS company, today announced that a hearing was held on June 9, 2022 before the New York State Supreme Court, Commercial Division (the "Court") for the consolidated shareholder derivative lawsuits captioned In re Renren, Inc. Derivative Litigation, Index No. 653594/2018 (Sup. Ct. N.Y. Cty.) (the "Action") to consider the motion of the Plaintiffs to approve the Stipulation of Settlement dated October 7, 2021, as amended by an Amendment to Stipulation of Settlement dated May 27, 2022 (the "Amended Stipulation") settling the Action.  The Amend Stipulation can be found in the exhibits to the Form 6-K t

Settlement of at least $300 million is among largest ever shareholder derivative recoveries Plaintiffs overcame novel issues of jurisdiction and standing in creating precedent-setting case law to hold foreign companies and actors accountable in U.S. courtsAs Lead Counsel, Reid Collins successfully prosecuted groundbreaking claims against Renren insidersNEW YORK, June 9, 2022 /PRNewswire/ -- Today the New York State Supreme Court granted approval of a direct pay cash settlement totaling at least $300 million resolving the In re Renren, Inc. Derivative Litigation (NYSE:RENN), one of the largest cash settlements of a derivative action in history. (The aggregate cash payment to Renren's minority

PHOENIX, Oct. 11, 2022 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), a SaaS company serving multiple global industries, today announced the appointment of two new independent directors to its board of directors (the "Board"), Mr. James M. Dumler and Mr. James D. Reed, effective October 11, 2022. Ms. Hui Huang and Mr. Chuanfu Wang have concurrently resigned from their positions as a director of the Company and as members of the three committees of the Board. Ms. Huang and Mr. Wang resigned for personal reasons, and their resignation is not related to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. After the c

PHOENIX, Sept. 13, 2021 /PRNewswire/ -- Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), which operates several U.S.-based SaaS businesses, today announced that Chris Palmer has been appointed as the Company's Chief Financial Officer, effective September 6, 2021. Palmer succeeded Lucy Yang, who will continue to serve as Chief Financial Officer of Kaixin Auto Holdings (NASDAQ:KXIN). "On behalf of Renren's Board of Directors and management team, I would like to thank Lucy for her numerous contributions and tireless work at Renren. I would also like to take this opportunity to warmly welcome Chris Palmer to the Company as we continue our quest to build and grow our portfolio of vertical Sa

BEIJING, Dec. 11, 2020 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates a premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several U.S.-based SaaS businesses, today announced the appointment of Marcum Bernstein & Pinchuk LLP ("MarcumBP") as its independent registered public accounting firm, effective December 9, 2020. The appointment of MarcumBP was made after a careful and thorough evaluation process and has been approved by Renren's board and audit committee. MarcumBP will replace KPMG Huazhen LLP ("KPMG") as Renren's independent registered public accounting firm. Renren's decision to change i