Uxin enters term sheet for financing

Uxin announced that it has entered into a term sheet with Xin Gao and an investment fund focusing on automobile related industries on March 18 with respect to financing by the company from the Investors. Xin Gao is an existing shareholder of the company. Xin Gao is controlled by Kun Dai, the chairman of the company’s board of directors and the company’s chief executive officer. The term sheet constitutes a commitment by company and the Investors to negotiate in good faith to enter into definitive agreements for the financing from the Investors in an aggregate amount of approximately $34.8M at a subscription price of $0.004858 per share. The proposed transaction is subject to the parties’ execution of definitive agreements and closing conditions to be stipulated therein.