Renren Inc. announced an increase in the per share amount to be paid in the special cash distribution, that was announced on November 3, 2022, relating to the settlement contemplated by the Stipulation of Settlement, dated as of October 7, 2021 and as amended on May 27, 2022. The amount of the special cash distribution was previously announced to be $0.7013 per Renren Class A ordinary share, or $31.5585 per Renren American Depositary Share. Each one ADS currently represents 45 Renren Class A ordinary shares.

The special distribution amount, in each case, is prior to the deduction of applicable taxes, fees, and expenses. As a result of interest earned on the settlement account, more funds will be available for distribution from the settlement account on a pro-rata basis, and the amount of the special cash distribution will now be $0.7026 per Renren Class A ordinary share, or $31.6170 per Renren ADS; in each case, prior to deduction of applicable taxes, fees and expenses. Additionally, Epiq Class Action & Claims Solutions Inc., as administrator for the settlement funds, will now be responsible for paying the special distribution to record date holders of Renren ordinary shares and transferring settlement funds to the Depositary Trust Clearinghouse & Company for subsequent disbursement to ADS owners.

Accordingly, Citibank, N.A., depositary for Renren's ADS program, will no longer charge a special cash distribution fee of $0.05 per ADS held pursuant to the Renren ADS Deposit Agreement (as amended). The special cash distribution is still expected to be paid on December 21, 2022. Due bill period will run from November 18, 2022 to December 21, 2022.

Due bills track trades of stock in the interim period and ensure the right stockholder receives the special distribution. In order to receive the special cash distribution, one must continue to hold Renren ADSs at least through the market close on the special cash distribution payment date (i.e. December 21, 2022). According to the NYSE, the Ex-Dividend date for NYSE trading will be December 22, 2022.

The Ex-Dividend date is the date on which the NYSE will reset the opening trading price of Renren's ADSs to reflect the payment of the special cash distribution. If one buys Renren ADSs on or after the Ex-Dividend date, he will not receive the special cash distribution.