China Rapid Finance Limited (XRF) Halted, News Pending

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China Rapid Finance (XRF) Announces Agreements with YBT/SOS and Investors

May 6, 2020 6:20 AM EDT

China Rapid Finance Limited (NYSE: XRF) today announced the execution of a set of agreements on May 5, 2020 with Yong Bao Two Ltd. ("YBT"), the parent company of SOS Information Technology Co., Ltd. ("SOS") via a variable interest entity ("VIE"), the shareholders of YBT ("YBT Shareholders"), eight sophisticated investors introduced by YBT (the "Purchasers," collectively with the YBT Shareholders as the "Investors") and True North Financial, LLC ("True North").

The Agreements will allow the Investors to acquire share amounts previously issued to True North as well as certain additional shares in exchange... More