Renren announces update on special cash distribution

Renren announced an increase in the per share amount to be paid in the special cash distribution, that was announced on November 3, 2022, relating to the settlement contemplated by the Stipulation of Settlement, dated as of October 7, 2021 and as amended on May 27, 2022. The amount of the special cash distribution was previously announced to be 70.13c per Renren Class A ordinary share, or $31.5585 per Renren American Depositary Share. Each one ADS currently represents 45 Renren Class A ordinary shares. The special distribution amount, in each case, is prior to the deduction of applicable taxes, fees, and expenses. As a result of interest earned on the settlement account, more funds will be available for distribution from the settlement account on a pro-rata basis, and the amount of the special cash distribution will now be 70.26c per Renren Class A ordinary share, or $31.6170 per Renren ADS; in each case, prior to deduction of applicable taxes, fees and expenses. The special cash distribution is still expected to be paid on December 21, 2022. Due bill period will run from November 18 to December 21.