SHAREHOLDER ALERT: WeissLaw LLP Investigates Dime Community Bancshares, Inc.

PR Newswire

NEW YORK, July 7, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Dime Community Bancshares, Inc. (“DCOM” or the “Company”) (NASDAQ: DCOM) in connection with the proposed stock-for-stock merger of the Company with Bridge Bancorp, Inc. (“BDGE”) (NASDAQ: BDGE).  Under the terms of the merger agreement, DCOM shareholders will receive 0.6480 shares of BDGE common stock for each share of DCOM that they hold, representing implied per-share merger consideration of $12.45 based upon BDGE’s July 7, 2020 closing price of $19.22.


If you own DCOM shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:


http://www.weisslawllp.com/dime-community-bancshares-inc/


Or please contact:



Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

WeissLaw is investigating whether DCOM’s board acted to maximize shareholder value prior to entering into the acquisition agreement, and whether all material information will be fully and fairly disclosed to DCOM’s shareholders.  Notably, at least one analyst set a target price for DCOM of $19.00 per share, or approximately $6.50 above the current implied per-share merger consideration. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-investigates-dime-community-bancshares-inc-301089674.html

SOURCE WeissLaw LLP

SHAREHOLDER ALERT: WeissLaw LLP Investigates MYOS RENS Technology Inc.

PR Newswire

NEW YORK, July 7, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of MYOS RENS Technology Inc. (“MYOS” or the “Company”) (NASDAQ: MYOS) in connection with the proposed merger of the Company with privately-held pharmaceutical company MedAvail, Inc. (“MedAvail”).  Under the terms of the agreement, all of the assets and liabilities of MYOS (with exception to certain excluded assets) will be contributed to a subsidiary of MYOS, and shares of that subsidiary will then be distributed as a dividend to MYOS shareholders immediately following the closing of the merger.  Ultimately, following the closing of the deal, MYOS shareholders will own only 3.5% of the new combined company, with MedAvail’s security holders and new investors owning the remaining 96.5% of the new entity.


If you own MYOS shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:


http://www.weisslawllp.com/myos-rens-technology-inc/


Or please contact:



Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

WeissLaw is investigating, among other things, (i) whether MYOS’ board was fully informed as to the valuation of the proposed merger given MedAvail’s status as a privately-held company and that MedAvail will end up owning 96.5% of the combined company, (ii) whether the board acted to maximize shareholder value prior to entering into the merger agreement, and (iii) whether all information regarding the valuation of the deal will be available to MYOS shareholders. 

In light of the foregoing, WeissLaw is concerned that the proposed acquisition may undervalue the Company and that all material information related to the proposed acquisition may not be fully and fairly disclosed. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-investigates-myos-rens-technology-inc-301089671.html

SOURCE WeissLaw LLP

SHAREHOLDER ALERT: WeissLaw LLP Investigates Vivint Solar, Inc.

PR Newswire

NEW YORK, July 7, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Vivint Solar, Inc. (“VSLR” or the “Company”) (NYSE: VSLR) in connection with the proposed acquisition of the Company by Sunrun, Inc. (“RUN”) (NASDAQ: RUN).  Under the terms of the agreement, VSLR shareholders will be entitled to receive 0.55 shares of RUN common stock for each VSLR share that they own, representing implied per-share merger consideration of $14.39 based upon RUN’s July 7, 2020 closing price of $26.17.


If you own VSLR shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:


http://www.weisslawllp.com/vslr-inc/


Or please contact:



Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

WeissLaw is investigating whether VSLR’s board was fully informed as to the valuation of the proposed acquisition of the Company, whether the board acted to maximize shareholder value prior to entering into the acquisition agreement, and whether all information regarding the valuation of the deal will be fully and fairly disclosed to VSLR shareholders. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-investigates-vivint-solar-inc-301089669.html

SOURCE WeissLaw LLP

SHAREHOLDER ALERT: WeissLaw LLP Reminds REXN and DLMV Shareholders About Its Ongoing Investigations

PR Newswire

NEW YORK, July 7, 2020 /PRNewswire/ —


If you own shares in any of the companies listed above and
would like to discuss our investigations or have any questions concerning
this notice or your rights or interests, please contact:


Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

Rexahn Pharmaceuticals, Inc. (NASDAQ: REXN)

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Rexahn Pharmaceuticals, Inc. (NASDAQ: REXN) in connection with the proposed stock-for-stock merger of the company with privately-held Ocuphire Pharma, Inc. (“Ocuphire”).  Under the terms of the acquisition agreement, REXN will be issued contingent value rights (“CVR”) representing the right to receive (i) 90% of payments received by the combined company pursuant to its licensing agreements with BioSense Global LLC and Zhejiang HaiChang Biotechnology Co., Ltd. during the 15-year period after the closing of the merger; and (ii) 75% of the proceeds received by the combined company from the monetization of REXN existing intellectual property during the 10-year period after the  merger’s close.  Upon consummation of the proposed merger, Ocuphire will own at least 85.7% of the newly-combined company, with REXN stockholders owning the remaining 14.3%.  If you own REXN shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: http://www.weisslawllp.com/rexahn-pharmaceuticals-inc/    

Delmarva Bancshares, Inc. (OTC: DLMV)

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Delmarva Bancshares, Inc. (OTC: DLMV) in connection with the proposed acquisition of the company by BV Financial Inc.  Under the terms of the agreement, DLMV shareholders will be entitled to receive $8.90 in cash for each share of DLMV common stock that they own.  If you own DLMV shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: http://www.weisslawllp.com/delmarva-bancshares-inc/    

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-reminds-rexn-and-dlmv-shareholders-about-its-ongoing-investigations-301089643.html

SOURCE WeissLaw LLP

SHAREHOLDER ALERT: WeissLaw LLP Reminds GRUB and FNJN Shareholders About Its Ongoing Investigations

PR Newswire

NEW YORK, July 7, 2020 /PRNewswire/ —


If you own shares in any of the companies listed above and
would like to discuss our investigations or have any questions concerning
this notice or your rights or interests, please contact:


Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

Grubhub, Inc
. (NYSE: GRUB)

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Grubhub, Inc. (NYSE: GRUB) in connection with the proposed acquisition of the company by Just Eat Takeaway.com N.V. (“Just Eat Takeaway”).  Under the terms of the acquisition agreement, GRUB shareholders will receive American depositary shares representing 0.671 ordinary shares of Just Eat Takeaway, for each GRUB share that they own.  If you own GRUB  shares and wish to discuss this investigation or your rights, or you have questions about tendering your shares, please call us at one of the numbers listed above or visit our website: http://www.weisslawllp.com/grubhub-inc/   

Finjan Holdings, Inc. (NASDAQ: FNJN)

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Finjan Holdings, Inc. (NASDAQ: FNJN) in connection with the proposed acquisition of the company by affiliates of Fortress Investment Group LLC.  Under the terms of the acquisition agreement, FNJN shareholders will receive $1.55 for each share of FNJN that they own. If you own FNJN shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://weisslawllp.com/finjan-holdings-inc/   

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-reminds-grub-and-fnjn-shareholders-about-its-ongoing-investigations-301089653.html

SOURCE WeissLaw LLP

Kaixin Auto Holdings Announces Unaudited 2019 Financial Results

BEIJING, July 07, 2020 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN), one of the primary dealership networks in the premium used car segment in China, today announced its unaudited financial results for the twelve months ended December 31, 2019. The Company anticipates to file its 2019 Form 20-F with the SEC within 5 days of this announcement. The delay in our filing is mainly due to additional work in preparation of our financial statements involving retroactive adjustments to prior years’ equity accounts as a result of the consummation of the reverse recapitalization on April 30, 2019.

2019 Financial Highlights

  • Total net revenues were US$334.7 million, representing a decrease of 22.4% from US$431.4 million in 2018.
  • Gross loss was US$5.5 million, compared with a gross profit of US$17.4 million in 2018.
  • Loss from operations was US$133.4 million, compared with a loss of US$34.1 million in 2018.
  • Net loss attributable to the Company was US$69.1 million, compared with a net loss attributable to the Company of US$89.5 million in 2018.
  • Adjusted loss from operations (non-GAAP)
    1 was US$12.8 million, compared with an adjusted loss from operations (non-GAAP) of US$11.6 million in 2018.
  • Adjusted loss from continuing operations (non-GAAP)
    1 was US$14.0 million, compared with an adjusted loss from continuing operations (non-GAAP) of US$16.9 million in 2018.
  • Adjusted EBITDA from continuing operations (non-GAAP)
    1 was negative US$16.0 million, compared with negative US$11.6 million in 2018.

2019 Operational Highlights

  • Number of Self-Owned and Affiliated Network Dealerships were 14 and 7, respectively, as of December 31, 2019, versus 14 and 4 as of December 31, 2018.
  • Gross Merchandise Value (GMV)
    2 was US$375.8 million, representing a decrease of 16.5% from US$449.9 million in 2018.
  • Number of cars sold was 6,005 units, compared with 7,438 units sold in 2018.


2019 Results

Total net revenues for 2019 were US$334.7 million, representing a 22.4% decrease from that of $431.4 million in 2018.

The decline in total net revenues of the Company mostly arose from a decrease in the auto sales business. In addition to macroeconomic headwinds in China, the main factors that contributed to the declining sales include a reduction of the overall inventory scales and the restructuring of the Company’s Dealerships that led to interruption of business operations in some locations during 2019. The restructuring is part of the Company’s effort to address disagreement with noncontrolling shareholders of certain dealerships and reallocate resources to better performing dealerships.

Total cost of revenues was US$340.2 million which includes an inventory write-down of $17.8 million, representing a decrease of 17.8% from US$414.0 million in 2018.

Gross loss was US$5.5 million, versus a gross profit of US$17.4 million in 2018. The gross loss in 2019 is largely due to the inventory write-down of $17.8 million. Gross loss margin was 1.6% in 2019, compared with a gross profit margin of 4.0% in 2018.

Operating expenses were US$128.0 million, a 148.4% increase from US$51.5 million in 2018. The increase is largely due to a loss of $74.1 million from goodwill impairment in 2019.

Selling and marketing expenses were US$14.4 million, a 40.3% decrease from US$24.1 million in 2018. The decrease resulted from the effort to improve operation efficiency in headcount and personnel-related expenses in response to the decrease in revenues.

Research and development expenses were US$3.4 million, a 24.0% decrease from US$4.4 million in 2018. The decrease was primarily due to the decrease in headcount and personnel-related expenses.

General and administrative expenses were US$36.1 million, a 57.1% increase from US$23.0 million in 2018. The increase was primarily due to a loss of $22.3 million from write-offs of prepaid expenses and other current assets.

In addition, the Company reports a gain from change in fair value of the contingent considerations related to cooperation agreements with dealers of US$65.6 million in 2019, compared with a loss from change in fair value of contingent considerations of US$49.5 million in 2018. The change in fair value of contingent considerations in 2019 mainly results from the changes in the Company’s stock price. The company has a loss of $74.1 million from goodwill impairment in 2019.

Loss from continuing operations was US$69.1 million, 22.3% lower than the loss from continuing operations of US$88.9 million in 2018.

Net loss attributable to the Company was US$69.1 million, 22.9% lower than the net loss attributable to the Company of US$89.5 million in 2018.

Adjusted loss from operations (non-GAAP) was US$12.8 million, a 10.3% increase compared with an adjusted loss from operations (non-GAAP) of US$11.6 million in 2018.

Adjusted loss from continuing operations (non-GAAP) was US$14.0 million, a 17.3% decrease compared with an adjusted loss from continuing operations (non-GAAP) of US$16.9 million in 2018.

Adjusted EBITDA from continuing operations (non-GAAP) was negative US$16.0 million, a 37.1% increase compared with an adjusted EBITDA from continuing operations (non-GAAP) of negative US$11.6 million in 2018.


About Kaixin Auto Holdings

Kaixin Auto Holdings is one of the primary dealership networks in the premium used car segment in China. Supported by the rapid growth of China’s used car market and leveraging its own hybrid business model that offers both strong online and offline presence, Kaixin has transformed from a tech-enabled financing platform into a nationwide dealer network that combines its own and affiliated dealers as well as value-added services.


Safe Harbor Statement

This announcement may contain forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook for 2020 and quotations from management in this announcement, as well as Kaixin’s strategic and operational plans, contain forward-looking statements. Kaixin may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our goals and strategies; our future business development, financial condition and results of operations; the expected growth of the social networking site market in China; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with used auto dealerships; our plans to enhance user experience, infrastructure and service offerings; competition in our industry in China; and relevant government policies and regulations relating to our industry. Further information regarding these and other risks is included in our other documents filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kaixin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.


About Non-GAAP Financial Measures

To supplement Kaixin’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Kaixin uses “adjusted loss from operations (non-GAAP)”, “adjusted loss from continuing operations (non-GAAP)” and “adjusted EBITDA from continuing operations (non-GAAP)”, which are defined as non-GAAP financial measures by the SEC, in evaluating its business. We define adjusted loss from operations (non-GAAP) as loss from operations excluding share-based compensation expenses, provision for financing receivable, provision for PPE, and assets write-offs, if any, involving inventory, goodwill, etc; and adjusted loss from continuing operations  (non-GAAP) as loss from continuing operations excluding share-based compensation expenses, fair value change of contingent consideration, provision for financing receivable, provision for PPE, and assets write-offs, if any, involving inventory, goodwill, etc. Adjusted EBITDA from continuing operations (non-GAAP) is defined as (loss) income from continuing operations excluding fair value change of contingent consideration, share-based compensation expense, interest expenses, income tax expenses, depreciation, provision for financing receivable, provision for PPE, assets write-offs, if any, involving inventory, goodwill, etc. Kaixin continuously and periodically reviews the operating results and business performance from operational perspectives. Starting from the first quarter of 2018, there was a significant impact on net income (loss) due to the material and significant noncash amount of fair value change in contingent consideration relating to the used auto dealerships of the emerging used auto business. Due to the nature of the business, Kaixin believes that including adjusted income (loss) from operations and excluding the impact of such fair value changes more appropriately reflects Kaixin’s results of operations, and provides investors with a better understanding of Kaixin’s business performance. We present adjusted income (loss) from operations (non-GAAP), adjusted income (loss) from continuing operations (non-GAAP) and EBITDA from continuing operations (non-GAAP) because they are used by our management to evaluate our operating performance. We also believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting periods and to those of our peer companies.

These non-GAAP financial measures are not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliation of non-GAAP results of operation measures to the comparable GAAP financial measures” at the end of this release.

For more information, please contact:

Kaixin Auto Holdings
Randall Xu
Tel: (86 10) 8448 1818 ext. 2960
Email: randall.xu@renren-inc.com

SOURCE: Kaixin Auto Holdings

_________________________

1See “About Non-GAAP Financial Measures” for details.

2Includes automobile sales transactions at the Company’s dealerships including cars owned by Kaixin and cars sourced by Kaixin Affiliated Network Dealers that Kaixin sells pursuant to profit-sharing arrangements.

 
KAIXIN AUTO HOLDINGS

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars)
               
  As of December 31,
  2018   2019
ASSETS              
Current assets:              
Cash $ 7,950     $ 3,190  
Restricted cash   5,818        
Accounts receivable   1,480       219  
Financing receivable, net   3,486        
Prepaid expenses and other current assets   38,714       27,586  
Inventory   57,950       20,990  
Total current assets   115,398       51,985  
Goodwill   75,021        
Property and equipment, net   813       153  
Right-of-use assets         2,252  
Total non-current assets   75,834       2,405  
TOTAL ASSETS $ 191,232     $ 54,390  
LIABILITIES AND EQUITY              
Current liabilities:              
Accounts payable $ 4,975     $ 4,122  
Short-term debt   49,887       16,630  
Accrued expenses and other current liabilities   10,644       17,302  
Amounts due to related parties   78,108       4,214  
Advance from customers   4,078       1,677  
Contingent consideration   11,929        
Income tax payable   7,590       5,319  
Lease liabilities – current         1,785  
Total current liabilities   167,211       51,049  
Long-term liabilities:              
Long-term contingent consideration   93,741        
Lease liabilities – non-current         810  
Total non-current liabilities   93,741       810  
TOTAL LIABILITIES $ 260,952     $ 51,859  
Commitments and contingencies          
Equity (Deficit)              
Ordinary shares $ 2     $ 5  
Additional paid-in capital   38,559       186,450  
Accumulated deficit   (146,073 )     (192,189 )
Statutory reserves   4,004       4,004  
Accumulated other comprehensive income (loss)   1,382       (2,840 )
Total Kaixin Auto Holdings’ shareholders’ equity (deficit)   (102,126 )     (4,570 )
Noncontrolling interest   32,406       7,101  
Total equity (deficit)   (69,720 )     2,531  
TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 191,232     $ 54,390  
               

                       
KAIXIN AUTO HOLDINGS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of US dollars)
 
  Years ended December 31,


    2017       2018       2019  
Net revenues:                      
Automobile sales $ 88,227     $ 420,005     $ 332,634  
Financing income   26,426       2,317        
Others   1,933       9,082       2,063  
Total net revenues   116,586       431,404       334,697  
Cost of revenues:                      
Automobile sales   85,050       399,274       338,016  
Cost of financing income   15,259       3,327        
Provision for financing receivable   12,717       10,941       2,158  
Others   32       429        
Total cost of revenues   113,058       413,971       340,174  
Gross profit (loss)   3,528       17,433       (5,477 )
Operating expenses:                      
Selling and marketing   10,698       24,077       14,364  
Research and development   3,982       4,419       3,357  
General and administrative   14,971       23,012       36,145  
Impairment of goodwill               74,091  
Total operating expenses   29,651       51,508       127,957  
Loss from operations   (26,123 )     (34,075 )     (133,434 )
Other income (expenses)   387       (812 )     840  
Fair value change in contingent consideration   (1,480 )     (49,503 )     65,594  
Interest income   902       575       69  
Interest expenses   (3,068 )     (4,261 )     (4,057 )
Loss before provision of income tax and noncontrolling interest   (29,382 )     (88,076 )     (70,988 )
Income tax (expenses) benefit   (1,158 )     (862 )     1,920  
Loss from continuing operations $ (30,540 )   $ (88,938 )   $ (69,068 )
Discontinued operations:                      
Income (loss) from discontinued operations   1,845       (594 )      
Net loss   (28,695 )     (89,532 )     (69,068 )
Net loss attributable to the noncontrolling interest   (76 )     (317 )     (22,952 )
Net loss from continuing operations attributable to Kaixin Auto Holdings’ shareholders   (30,464 )     (88,621 )     (46,116 )
Net income (loss) from discontinued operations attributable to Kaixin Auto Holdings’ shareholders   1,845       (594 )      
Net loss attributable to Kaixin Auto Holdings’ shareholders $ (28,619 )   $ (89,215 )   $ (46,116 )
                       
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share – basic and diluted   24,984,300       24,984,300       36,446,593  
                       
Net income (loss) per share attributable to Kaixin Auto Holdings’ shareholders – basic and diluted:                      
Loss per share from continuing operations $ (1.22 )   $ (3.56 )   $ (1.27 )
Income (loss) per share from discontinued operations $ 0.07     $ (0.02 )   $  
                       
Net loss per share attributable to Kaixin Auto Holdings’ shareholders – basic and diluted: $ (1.15 )   $ (3.58 )   $ (1.27 )
                       

             
Reconciliation of Non-GAAP results of operation measures to the comparable GAAP financial measures
(In thousands of US dollars)
  Years Ended December 31
    2018   2019
Loss from operations   (34,075 )   (133,434 )
Add back: Shared-based compensation expenses   11,436     3,813  
Add back: Provision for financing receivable   11,074     2,158  
Add back: Provision for property and equipment       503  
Add back: Write-offs of prepaid expense and other current assets       22,282  
Add back: Write-down of inventory       17,826  
Add back: Loss from impairment of goodwill       74,091  
Adjusted loss from operations (non-GAAP)   (11,565 )   (12,761 )
         
Loss from continuing operations   (88,938 )   (69,068 )
Add back: Fair value change of contingent consideration   49,503     (65,594 )
Add back: Shared-based compensation expenses   11,436     3,813  
Add back: Provision for financing receivable   11,074     2,158  
Add back: Provision for property and equipment       503  
Add back: Write-offs of prepaid expense and other current assets       22,282  
Add back: Write-down of inventory       17,826  
Add back: Loss from impairment of goodwill       74,091  
Adjusted loss from continuing operations (non-GAAP)   (16,925 )   (13,989 )
         
Loss from continuing operations   (88,938 )   (69,068 )
Add back: Fair value change of contingent consideration   49,503     (65,594 )
Add back: Shared-based compensation expenses   11,436     3,813  
Add back: Provision for financing receivable   11,074     2,158  
Add back: Provision for property and equipment       503  
Add back: Write-offs of prepaid expense and other current assets       22,282  
Add back: Write-down of inventory       17,826  
Add back: Loss from impairment of goodwill       74,091  
Add back: Interest expenses   4,261     (4,057 )
Add back: Income tax expenses   862     1,920  
Add back: Depreciation   161     168  
Adjusted EBITDA from continuing operations (non-GAAP)   (11,641 )   (15,958 )

Mobileye and WILLER Partner on Self-Driving Mobility Solutions for Japan, Southeast Asia

Mobileye and WILLER Partner on Self-Driving Mobility Solutions for Japan, Southeast Asia

JERUSALEM & OSAKA, Japan–(BUSINESS WIRE)–
Mobileye, an Intel Company, and WILLER, one of the largest transportation operators in Japan, Taiwan and the Southeast Asian region, today announced a strategic collaboration to launch an autonomous robotaxi service in Japan and markets across Southeast Asia, including Taiwan. Beginning in Japan, the companies will collaborate on the testing and deployment of autonomous transportation solutions based on Mobileye’s automated vehicle (AV) technology.

More:Autonomous Driving at Intel | Mobileye News

“Our new collaboration with WILLER brings a meaningful addition to Mobileye’s growing global network of transit and mobility ecosystem partners,” said Prof. Amnon Shashua, Intel senior vice president and president and CEO of Mobileye. “We look forward to collaborating with WILLER as we work together for new mobility in the region by bringing self-driving mobility services to Japan, Taiwan and ASEAN markets.”

“Collaboration with Mobileye is highly valuable for WILLER and a big step moving forward to realize our vision of innovating transportation services: travel anytime and anywhere by anybody,” said Shigetaka Murase, founder and CEO of WILLER. “Innovation of transportation will lead to a smarter, safer and more sustainable society where people enjoy higher quality of life.”

Together, Mobileye and WILLER are seeking to commercialize self-driving taxis and autonomous on-demand shared shuttles in Japan, while leveraging each other’s strengths. Mobileye will supply autonomous vehicles integrating its self-driving system and WILLER will offer services adjusted to each region and user tastes, ensure regulatory framework, and provide mobility services and solutions for fleet operation companies.

The two companies aim to begin testing robotaxis on public roads in Japan in 2021, with plans to launch fully self-driving ride-hailing and ride-sharing mobility services in 2023, while exploring opportunities for similar services in Taiwan and other Southeast Asian markets.

For Mobileye, the collaboration with WILLER advances the company’s global mobility-as-a-service (MaaS) ambitions. Since announcing its intention to become a complete mobility provider, Mobileye has begun a series of collaborations with cities, transportation agencies and mobility technology companies to develop and deploy self-driving mobility solutions in key markets. The agreement with WILLER builds on Mobileye’s existing MaaS partnerships. Examples include the agreement with Daegu Metropolitan City, South Korea, to deploy robotaxis based on Mobileye’s self-driving system, and the joint venture with Volkswagen and Champion Motors to operate an autonomous ride-hailing fleet in Israel. The collaboration with WILLER greatly expands and strengthens the company’s global MaaS ambition.

WILLER aims to unify user experiences across countries in the region; it released a MaaS app in 2019 and enabled a QR-code-based payment system this year. WILLER has partnered with Kuo-Kuang Motor Transportation, the largest bus operator in Taiwan, and Mai Linh, the largest taxi company in Vietnam, as well as invested in Car Club, a car-sharing service provider in Singapore. WILLER also partners with 150 local transportation providers in Japan. On top of these partnerships, WILLER will provide self-driving ride-hailing and ride-sharing services in the region and provide the best customer-ride experiences together with Mobileye.

The collaboration between WILLER and Mobileye will add a new transportation mode to the existing range of transportation services, including highway buses, railways and car-sharing. Adding self-driving vehicles, on-demand features and sharing services will improve customer ride experiences and address social challenges such as traffic accidents, congestion and, especially, the shortage of drivers and the challenges resulting from Japan’s aging society. Together Mobileye and WILLER will accelerate the social benefits of self-driving transportation solutions that contribute to higher quality of daily lives, making society smarter, safer and more sustainable.

About Mobileye

Mobileye is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for advanced driver-assistance systems and automated driving. Mobileye’s technology helps keep people safer on the road, reduces the risks of traffic accidents, saves lives and aims to revolutionize the driving experience by enabling autonomous driving. Mobileye’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. Mobileye’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a RoadBook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. More information is available in Mobileye’s press kit.

About WILLER

WILLER was established in 1994 to provide society- and community-centric transportation services. WILLER pursues cutting-edge technology and marketing strategies to better customers’ ride experiences and create innovative values for society and local community. In Japan, WILLER has the largest intercity bus networks and operates a railway in Kyoto and operates unique restaurant buses that offers local cuisine area by area. Besides Japan, WILLER operates car-sharing services in Singapore and ride-hailing taxis in Vietnam.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

© Intel Corporation. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

Robin Holt

503-616-1532

robin.holt@intel.com

KEYWORDS: Asia Pacific Middle East Japan Israel Taiwan

INDUSTRY KEYWORDS: Automotive Manufacturing Automotive Technology Manufacturing Public Transport Semiconductor Transport Other Technology Software Fleet Management Hardware

MEDIA:

Logo
Logo

iQIYI’s President of Membership and Oversea Business Group Yang Xianghua Speaks at AVIA’s OTT Virtual Summit

Becoming an online entertainment platform that focuses on promoting Asian cultures

PR Newswire

BEIJING, July 7, 2020 /PRNewswire/ — On July 2, Yang Xianghua, President of Membership and Oversea Business Group of iQIYI, Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), an innovative market-leading online entertainment service in China, attended the OTT Virtual Summit hosted by Asia Video Industry Association (AVIA) and joined an online fireside chat session with Louis Boswell, CEO of AVIA. Echoing the summit’s theme “The Future of Video Streaming”, Yang talked about iQIYI’s business model, development status, overseas business, and his views on the outlook of Asian and global entertainment markets.

“iQIYI has been focusing on the development and presentation of Asian content. We want to attract more international users by providing a differentiated entertainment service through our continuous investment in content production and technology,” said Yang at the summit.

At the event, Yang mentioned that the key to attracting viewers was to provide exclusive and high-quality content. “By housing excellent original production teams, we have been able to produce numerous high-quality drama series, variety shows, movies and animations,” said Yang. “At present, the iQIYI App (international version) mainly offers Chinese content, but we are actively weighing the option of providing more content from other countries in Asia including South Korea, Japan, Thailand. We are currently building original production teams in South Korea, Japan and Thailand.”

“The core competitiveness of streaming platforms is embodied in two aspects – content production and technology. Our investment in both areas has been huge in order to build a platform with a large user scale. Streaming platforms cover almost all the latest cutting-edge technologies and heavily rely on technology and internet bandwidth to support their vast numbers of users. Furthermore, technological innovation helps improve content production by allowing the process to be smarter and more efficient,” Yang noted. “Over the last decade, iQIYI has devoted millions of dollars to leverage the latest technologies such as AI, 5G, cloud computing and big data for our platform. In the future, iQIYI will also have the opportunity to collaborate and share its technical capabilities with local companies in foreign markets.”

In June 2019, iQIYI officially launched the iQIYI App (international version), providing an abundant and diversified selection of HD entertainment to international viewers. iQIYI’s original productions such as Youth With You Season 2Sword Dynasty and The Great Ruler sparked fervent widespread discussion amongst global users. iQIYI has also attracted talents from well-known global entertainment and streaming giants to join the Company. Yang believes local capability and insight are key to iQIYI’s success in expanding internationally. “Film and television content are cultural products. How to provide cultural products favoured by local audiences is an obstacle we need to tackle while also understanding and adapting to the local market. It all boils down to the need to hire excellent talents who understand both.”

AVIA has moved this year’s OTT summit online in response to the Covid-19 crisis. The OTT Virtual Summit this year featured a line-up of speakers and thought leaders from across the video, advertising, and technology industry. For more information on AVIA, visit www.avia.org.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

About the Asia Video Industry Association

The Asia Video Industry Association (AVIA) is the trade association for the video industry and ecosystem in Asia Pacific. It serves to make the video industry stronger and healthier through promoting the common interests of its members. AVIA is the interlocutor for the industry with governments across the region, leads the fight against video piracy and provides insight into the video industry through reports and conferences aimed to support a vibrant video industry.

Cision View original content:http://www.prnewswire.com/news-releases/iqiyis-president-of-membership-and-oversea-business-group-yang-xianghua-speaks-at-avias-ott-virtual-summit-301089673.html

SOURCE iQIYI, Inc.

This Is a Test From PR Newswire

PR Newswire

CLEVELAND, July 7, 2020 /PRNewswire/ — This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire.

This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire.

This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire.

This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire.

€  £ ¥  ° © µ ® ¢ ± ≤ ≥ ¼ ¿ β

This Is a Test From PR Newswire

This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire. This is a test from PR Newswire.

Cision View original content:http://www.prnewswire.com/news-releases/this-is-a-test-from-pr-newswire-301089668.html

SOURCE PRN Test

Itaú Corpbanca Schedules Second Quarter 2020 Financial Results, Conference Call and Webcast

SANTIAGO, Chile, July 07, 2020 (GLOBE NEWSWIRE) — ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) announced today that it will release its results for the second quarter ended June 30, 2020, before the market opens in Santiago and in New York on Friday, July 31, 2020.

On Monday, August 3, 2020, at 11:00 A.M. Santiago time (11:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by Gabriel Moura, Itaú Corpbanca’s Chief Executive Officer and Claudia Labbé, Itaú Corpbanca’s Head of Investor Relations.

Conference Call Details:

Participant registration: http://www.directeventreg.com/registration/event/6775796

Upon registering, each participant will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email. Please provide this registration information to those participants that you would like to attend your conference call.

A telephonic replay of the conference call will be available until Monday, August 10, 2020, by dialing +1(800) 585-8367 or +1 (416) 621-4642 (Encore Dial In). Access Code: 1292377#

Slides and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call, available through the Company’s website. Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The webcast can be found at:

https://event.on24.com/wcc/r/2395800/09802835D6305B0B7BE58AFAE20AC437

About Itaú Corpbanca

ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) is the entity resulting from the merger of Banco Itaú Chile with and into Corpbanca on April 1, 2016. The current ownership structure is: 38.14% owned by Itaú Unibanco, 28.57% owned by the Saieh Family and 33.29% owned by minority shareholders. Itaú Unibanco is the sole controlling shareholder of the merged bank. Within this context and without limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders’ agreement relating to corporate governance, dividend policy (based on performance and capital metrics), transfer of shares, liquidity and other matters.

The bank is the fifth largest private bank in Chile and as per its mandate is the banking platform for future expansion in Latin America, specifically in Chile, Colombia and Peru. Itaú Corpbanca is a commercial bank based in Chile with additional operations in Colombia and Panama. In addition, Itaú Corpbanca has a branch in New York and a representative office in Lima. Focused on large and medium sized companies and individuals, Itaú Corpbanca offers universal banking products. In 2012, the bank initiated a regionalization process and as of the date hereof has acquired two banks in Colombia ‒Banco Corpbanca Colombia and Helm Bank‒ becoming the first Chilean bank with banking subsidiaries abroad. The merger with Banco Itaú Chile and the business combination of our two banks in Colombia, represent the continued success of our regionalization process.

As of May 31, 2020, according to the Chilean Financial Market Commission, Itaú Corpbanca was the fifth largest private bank in Chile in terms of the overall size of its customer loan portfolio, equivalent to 10.1% market share. As of April 30, 2020, according to the Colombian Superintendency of Finance, Itaú Corpbanca Colombia was the seventh largest bank in Colombia in terms of total loans and the eighth largest bank in Colombia in terms of total deposits, as reported under local regulatory and accounting principles. As of the same date, its market share by loans reached 4.1%.

Investor Relations – Itaú Corpbanca

+56 (2) 2660-1701 / IR@corpbanca.cl / ir.itau.cl