China Rapid Finance Announces Change of its NYSE Ticker Symbol to "SOS" to Highlight Emergency Rescue Services Business
SHANGHAI, July 10, 2020 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) (the "Company") today announced that the Company's ticker symbol on the New York Stock Exchange will change from "XRF" to "SOS," effective at the start of trading on July 20, 2020.
Mr. Yandai Wang, CEO of the Company, said, "We are excited to be able to align our NYSE ticker symbol with the 'SOS' brand in recognition of our ongoing transition out of the fin-tech business and into the emergency rescue services business. This change will provide for better alignment between the core business operations of the company and its stock symbol which we believe will lead to better investor understanding. It also makes it clearer what the business focus and its primary source of earnings will be going forward."
There is also a proposed change in the Company's name from "China Rapid Finance Limited" to "SOS Limited," which is pending approval at the Company's annual general meeting of shareholders to be held on July 17, 2020. If approved at the meeting, the effective date of the name change shall also be July 20, 2020. In conjunction with the name change, the Company's CUSIP will change from "16953Q204" to "83587W106."
Holders of existing American Depositary Receipts ("ADRs") would be required to surrender their existing ADRs in exchange for new ADRs that reflect the new corporate name and CUSIP and should contact the Company's depositary bank, Citibank, N.A.
About China Rapid Finance Limited
China Rapid Finance Limited (NYSE: XRF) is a holding company operating primarily in the emergency rescue services business. The Company provides a wide range of emergency rescue services to its corporate and individual members in China through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS"). SOS also provides various types of membership cards to individual members in large corporations as part of employee benefits. Its products include SOS Medical Rescue Card, SOS Auto Rescue Card, SOS Financial Rescue Card, and SOS Life Rescue Card. SOS utilizes cloud and other cutting-edge technologies to provide emergency rescue services in a new fashion, including its app based mobile platform, cloud call centers and large data centers. SOS has contractual service agreements with major banks, insurance companies, internet companies, and telecom providers in China.
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and XRF's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. XRF's SEC filings are available publicly on the SEC's website at www.sec.gov. XRF disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
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