- Uxin (NASDAQ:UXIN) entered into a term sheet with Xin Gao Group and an investment fund focusing on automobile related industries with respect to financing by the company from the Investors.
- Xin Gao is an existing shareholder of the company, controlled by Mr. Kun Dai, the chairman of the company's Board of Directors and the company's CEO.
- This financing is for an aggregate amount of ~$34.8M at a subscription price of $0.004858 per share (equivalent to $1.4574 per ADS).
- The stick price dropped 6% on Monday during pre-market hours of trading.