Renren Announces New Record Date for Cash Dividend
Renren Inc. (NYSE: RENN) announced the date of its cash dividend has been moved to June 21.
As previously announced, Renren planned the private placement of its subsidiary, Oak Pacific Investment (OPI), which is taking "a significant portion of its assets, including shares in 44 portfolio companies, interests in six investment funds, and the advertising agency business operated by one of Renren&`#`39;s subsidiaries." The company said it expected OPI&`#`39;s private placement to close on June 14.
The transaction was intended to relieve Renren from a potential "investment company" status under scrutiny by the Securities and Exchange Commission, according to the company.
To accept the offer of OPI shares in the private placement, the cash dividend must be waived by June 8. The record date has been set for 5 p.m. Eastern time on June 14. The ex-dividend date for NYSE trading, on which the opening price would reset to reflect the payment of the cash dividend, would be June 22.
Shares of Renren closed at $8.85 per share, up 7 cents on Monday.
Renren literally means "Everyone." Among its software and networking services are the Facebook-like social network of China, Renren Network, and Trucker Path, the most popular app for truckers in the United States.