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Renren Inc. (RENN)

NYSE - NYSE Delayed Price. Currency in USD
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29.610.00 (0.00%)
At close: 04:00PM EDT
29.61 0.00 (0.00%)
After hours: 04:49PM EDT
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  • T
    The Real Blake
    Apparently the current ruling is that all shareholders participate, although this is under appeal.

    An appeal has been filed, oral arguments scheduled for November. The appeal is that the only beneficiaries of the settlement should be shareholders prior to the original action instead of all current shareholders. This has already been addressed and settled but is now under appeal in hopes of overturning the ruling, and dare I say attorneys collecting more money.
  • D
    David
    Many people apparently misunderstand a shareholder derivative action. The CURRENT shareholders of RENN benefit from the announced settlement, as of whatever date the court determines. That date will be sometime around the time of the court hearing of December 9, 2021. The current shareholders, will be paid by the settling defendants, Chen, OPI and Duff and Phelps, who will not benefit from the settlement. So in order to figure out how much current shareholders get, you subtract all of the shares Chen and his associated defendants own (which is close to 33%) and the remaining defendants get the $300 million, less legal fees and expenses. Even if the lawyers get $100 million, the payout to remaining shareholders will be close to $25-26, and they will still own shares in RENN, which may be worth $1 or $2. The $.859 per share settlement amount is for the underlying shares. The RENN ADR's are 45 shares. So its .859 times 45, or approximately 38.66. minus legal fees.
    So it is not a short at $25.

    I think it's a very safe buy under $25, as the $25 is just about gauranteed.
  • M
    M S
    Settlement of at least $300 million (among largest ever derivative recoveries). And yet, pps up almost 50%! Can someone explain this?
  • q
    quinlan
    Can't post the article, but apparently through this Chinese site, the SEC is looking into this and is delaying the transaction. Anyone have back up to this?
  • M
    Marco Md
    did all of u received dividend? im in europe and didnt receive anything, my bank said need 4 days and now said 7 days at least, what about u?
  • m
    millenniumman123
    So, in order to get part of SoFi we have to forgo the dividend and take the private placement stock, yes? Anyone?
  • D
    Disaster
    What did I miss on RENN? Last time I looked at it it was trading round $10... what happened?
  • j
    josh
    BEIJING, May 14, 2018 /PRNewswire/ -- Renren Inc. (RENN) ("Renren"), which operates a social networking service (SNS) business, used auto business and SaaS business, today announced a new record date and cash payment date for the cash dividend that it previously announced on April 30, 2018. The record date for the cash dividend will now be after the acceptance deadline for the private placement. The record date will be 5:00 p.m. Eastern time on June 14, 2018.
  • P
    Paul
    Thu, December 9, 2021, 5:30 PM·1 min read
    In this article:

    RCG
    -6.02%

    Explore the topics mentioned in this article

    NEW YORK, December 09, 2021--(BUSINESS WIRE)--The RENN Fund, Inc. (NYSE MKT: RCG) (the "Fund") announced today a record date for the Fund’s year-end distribution in the event a distribution is made. The record date will be December 20, 2021 and Pay-Date of December 30, 2021. The Fund will make an announcement on or about December 21, 2021 with the distribution rate per share, if any. As the per share rate will not be available prior to the record date, the Fund will trade with due bills beginning December 17, 2021 and up through and including the last business day prior to the New York Stock Exchange established Ex-Date. The New York Stock Exchange will set the Ex-Date once the per share rate has been announced.
  • R
    Russ
    Also, Chen has basically spelled out where this stock will be trading for the next couple of weeks. Figure somewhere between $8.25 to $10.15. Of course it could spike higher or dip lower at times. If we, the investors, have to pay taxes on dividends then it would be wise to sell our stock at $8.25 or higher. There is no advantage or upside at this point. What are the possibilities that RENN will succeed? I would like to see a quarterly report before the May 16 so I can make a better decision.
  • N
    Nicole
    Going to fly $5+ coming
  • T
    TH
    Oh my god. People spent $25 per share for a reward of $0.859701 per share,

    They must be confused $38.6866 per ADS share which can be converted to 45 RENN ordinary shares.
    Bearish
  • J
    Jude
    Here's my view on this settlement and what will happen to $RENN Stock. Please trade at your own discretion.

    https://twitter.com/DinoTrader2/status/1446983024680312834?s=20
  • M
    MST
    if you are concerned of the private placement that is unfair to small investors, you can report your concerns to the SEC's Securities Fraud Investigation unit:
    https://www.sec.gov/tcr
    SEC.gov | Report Suspected Securities Fraud or Wrongdoing
    www.sec.gov
  • D
    Daddyo
    If the settlement is approved and the direct payment is made to those who owned the stock before the Record date (which will probably be sometime in 2018) the recently new shareholders will realize that they won't get any funds and this will go back to where it was a few days ago. jmho
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