UXIN stock surged by 12.5% at the last trading close while the UXIN stock price kept on rising by 17.95% in the pre-market trading session after UXIN announced that they have signed a binding term sheet with two well-established Asian funds. In China, UXIN is a leading online pre-used car dealer with a nationwide presence. UXIN’s goal is to empower people to buy the car of their dreams online by providing high-quality used cars and best-in-class shopping services. UXIN’s one-stop online shopping mall offers customers a national range of affordable used vehicles, as well as a variety of value-added goods and services.
How does UXIN works?
Its online sales consultants provides expert advice to help customers make a quick and easy car purchase. To complete these online transactions, its robust fulfillment program provides nationwide logistics and distribution, as well as title transfers between different cities across China.
What is happening?
On April 1, 2021, UXIN signed a binding term sheet with two existing Asian funds, committing the potential investors to negotiate and eventually enter into definitive agreements with the Company for the subscription of senior convertible preferred shares. The proposed transaction could result in a cumulative investment of up to $300 million. The potential transaction’s completion is dependent on the parties’ implementation of definitive agreements and the stipulation of customary closing conditions therein.
Following this new positive development in UXIN, it is expected that UXIN will be able to make visible progress in the future but under these uncertain COVID-19 situations, the definite verdict cannot be given since the working of businesses around the globe, be it of any type are subject to change due to unfortunate pandemic scenario. Besides this, investors would definitely be interested in UXIN stock because of this deal.