Renren (RENN) to Spinoff Newly-Formed Subsidiary
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Renren Announces Intention to Undertake Spin-Off
September 30, 2016 6:00 AM EDTBEIJING, Sept. 30, 2016 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), a leading real-name social networking internet platform in China, today announced that it intends to spin off a newly formed subsidiary ("SpinCo") that will hold the Company's social video platform woxiu.com and most of the Company's investments in minority stakes in privately held companies.
The spin-off is being undertaken to minimize the risk that the Company could be deemed to be an "investment company" under the Investment Company Act of... More
