On Friday, Shares of Renren Inc (NYSE:RENN), added 7.85% and closed at $2.06 in the last trading session. The last trading range of the stock ranges between $1.92 and $2.08. Renren Inc. (RENN) (“Renren” or the “Company”), a leading real-name social networking internet platform in China, recently declared that it intends to spin off a newly formed partner (“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 1940 by reducing the aggregate amount of investments in unmerged auxiliaries on the Company’s balance sheet and to unlock potential in the Company’s social video business by separating it from the Company’s social networking and internet financing businesses.
The Company plans to distribute rights, exercisable for shares in SpinCo, to the Company’s shareholders on a pro rata basis. The rights will not be transferable and may only be exercised by shareholders who are both “qualified purchasers” under the Investment Company Act of 1940 and “accredited shareholders” under the Securities Exchange Act of 1934. The Company will distribute cash in lieu of fractional rights and cash to holders of rights who cannot exercise or who choose not to exercise their rights.
The Company plans to distribute no less than 80% of the shares of SpinCo to shareholders that exercise rights and intends for such distribution to qualify, for U.S. tax purposes, as a tax-free distribution to the Company’s U.S. shareholders who receive shares of SpinCo in the distribution.
Following the spin-off, SpinCo will be a privately held company not subject to public company reporting requirements under the Securities Exchange Act of 1934 and not listed on any stock exchange. The Company intends to remain a public company listed on the New York Stock Exchange.
Yelp Inc (NYSE:YELP), jumped 1.76% and closed at $41.70 in the last trading session. The last trading range of the stock ranges between $40.93 and $41.94. The company’s Market capitalization is $3.28 Billion with the total Outstanding Shares of 68.80 million. Yelp Inc. (YELP), the company that connects people with great local businesses, recently declared that all outstanding shares of its Class A and Class B common stock automatically converted into a single class of common stock on a one-for-one basis, effective at 5:00 p.m. Eastern time on September 22, 2016. The conversion had no effect on the economic rights of holders of shares of Class A common stock or Class B common stock, except for the elimination of the different voting powers of the two classes of stock, and Yelp does not expect it to have any material effect on its future operations.
The conversion occurred automatically following Yelp’s certificate of incorporation as a result of the number of outstanding shares of Class B common stock representing less than ten percent of the total number of outstanding shares of Class A and Class B common stock. The single class of common stock has the same voting powers, preferences, rights and qualifications, limitations and restrictions as the former Class A common stock. All shares of Yelp’s outstanding capital stock are now entitled to one vote per share.
PBF Energy Inc (NYSE:PBF), jumped 3.00% and closed at $22.64 in the last trading session. The last trading range of the stock ranges between $21.42 and $22.68. During the 52-week trading session the minimum price at which share price traded, registered at $20.57 and reached to max level of $41.75. PBF Energy Inc. (PBF) declared recently that it will release its earnings results for the third quarter 2016 on Friday, October 28, 2016. The company will host a conference call and webcast regarding third quarter results and other business matters on Friday, October 28, 2016, at 8:30 a.m. ET.