News
X Financial Announces Results of Tender Offer
SHENZHEN, China, July 15, 2024 /PRNewswire/ — AX Financial (NYSE: XYF) (the “Company” or “we”), a leading online personal finance company in China, today announced the results of its previously announced public offering (the “Tender Offer”) to purchase up to 2 million American Depositary Shares (the “ADSs”) of the Company, each representing six Class A ordinary shares, par value US$0.0001 per share, at a price of US$4.52 per ADS, less any applicable withholding taxes, less a cancellation fee of US$0.05 per ADS accepted for purchase in the Tender Offer which will be paid to The Bank of New York Mellon, the Company’s ADS depositary (the “ADS Depositary”), and without interest. The Tender Offer expired at 5:00 p.m., New York City time, on July 12, 2024.
Based on the results, a total of 2,026,640 ADSs were validly tendered and not withdrawn. The Company announced that the total amount of ADSs that the Company intends to purchase is increased from the previously announced 2,000,000 to 2,026,640 to accept for purchase all validly tendered and not validly withdrawn ADSs. Except as described in this press release, the terms and conditions of the Tender Offers set forth in the Offer to Purchase remain unchanged.
“We are pleased to execute this ADS repurchase and provide liquidity to those noteholders who were seeking an exit, at a premium to the prevailing market price, while also providing the remaining noteholders who did not wish to participate an opportunity to increase their relative ownership percentage in X Financial at no additional cost to them,” commented Mr. Frank Fuya Zheng, CFO of X Financial. “We are dedicated to navigating the evolving economic landscape while ensuring the sustainable success of our business and returning value to our shareholders, and we plan to employ different methods, such as dividends and share repurchases, as and when profitability and smooth operations allow. We are confident in our position as a public company and will generate long-term returns for our shareholders,” concluded Mr. Zheng.
Following completion of the Tender Offer, the Company expects to have 186,872,295 Class A ordinary shares (including Class A ordinary shares represented by ADSs) outstanding.
The information agent and depositary for the Tender Offer is Broadridge Corporate Issuer Solutions, LLC (“Broadridge”). Broadridge will promptly pay for all ADSs accepted for purchase in accordance with the terms and conditions of the Tender Offer. For all questions relating to the Tender Offer, please contact: Broadridge Corporate Issuer Solutions, LLC, Telephone (855) 793-5068 (toll free), email shareholder@Broadridge.com.
About X Financial
AX Financial (NYSE: XYF) is a leading online personal finance company in China. The company is committed to connecting borrowers on its platform with its institutional financing partners. With its proprietary big data-driven technology, the company has established strategic partnerships with financial institutions in various areas of its business operations, enabling it to facilitate and originate loans for prime borrowers under a risk assessment and control system.
For more information please visit: http://ir.xiaoyinggroup.com.
Forward-looking statements
This press release contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding the Tender Offer, including the amount of ADSs to be offered for purchase in the Tender Offer and whether the Tender Offer will actually be consummated. Forward-looking statements can be identified by words such as “seek,” “believe,” “plan,” “estimate,” “anticipate,” “expect,” “intend,” “continue,” “outlook,” “may,” “will,” “should,” “look ahead,” “could” or “might” and other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to, the factors described in the disclosure of forward-looking statements and in the “Risk Factors” section of our most recent Annual Report on Form 20-K. We have no intention, and disclaim any obligation, to update forward-looking information to reflect events that occur, circumstances that exist or changes in our expectations after the date of this press release, except as required by law.
For more information please contact:
X Financial
Mr. Frank Fuya Zheng
Email: ir@xiaoying.com
Christensen IR
In China
Mr. René Vanguestaine
Phone: +86-178-1749 0483
Email: rene.vanguestaine@christensencomms.com
In U.S
Mrs. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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SOURCE X Financial