"As I have always stated, at Renren we take a long-term view in building our business. We also recognize we are at a strategic junction to becoming a true mobile company. The mobile internet is rapidly evolving and we are discovering large opportunities in front of us, but the window for these opportunities is short. Now is a critical time to secure our position in the giant social messaging service space, while also expanding our existing platform and eco-system of services," Mr. Chen continued.
"In the coming quarters we will look to add resources to our mobile gaming and social commerce businesses, where we plan to make strong advances based on opportunities we are seeing. Meanwhile, we'll continue to prepare the stage for mobile advertising, which has a longer-term return on investment, as well as other potential mobile monetization models," added Hui Huang, Renren's Chief Financial Officer.
They have announced the reverse split, it will be 4 to 1. Shareholders will receive 1 new share for every 4 they currently have.
FB not allow to own more than 20-25% due to foreign ownership restrictions...could be a joint effort between the two!
Stop blaming your neighbor if you are getting rapped at home. American brokers and bankers brought, sold and laughed all the way to the bank....not much different than the subprime debacle USA created and screwed everyone in america....
Blam the #$%$ American bankers, hedge funds and rating agencies!! They rapped, pilaged and laughed all the way to the bank...buyer beware
SAN FRANCISCO (MarketWatch) — Tech stocks stayed mired in red ink by midday Monday, with Apple Inc. and Intel Corp. leading the sector downwards ....
Renren Inc. (RENN): Operates a social networking Internet platform in China.
Market cap at $385.88M, most recent closing price at $2.94.
Net institutional sales in the current quarter at -15.1M shares, which represents about 6.1% of the company's float of 247.67M shares. The 2 top holders of the stock are Morgan Stanley, and Allianz Asset Management.
RENN has performed poorly since 2/25/13, especially when compared to industry competitors. The stock returned -1.66% over the last month, much lower than Yahoo! Inc. (YHOO) and Google Inc. (GOOG), which returned 13.80% and 1.50% during the same time period. Only Facebook, Inc. (FB) performed worse, returning -4.33%.
Moishe Gubin, chairman of the Fort Lauderdale-based banking company (NASDAQ: OPHC), wants to buy 7.33 million shares at 30 cents each, which would inject $2.2 million into the company.
...and then a reverse split to boot! OMG going down to 10 or 15 cents!!