BEIJING, May 16, 2022 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading nationwide online used car dealer in China, today announced that it has entered into a binding term sheet with affiliates of two existing shareholders, Nio Capital and Joy Capital (collectively, the “Investors”), on May 16, 2022. Pursuant to the binding term sheet, the Investors have agreed to negotiate and potentially enter into definitive agreements with the Company for the subscription of senior convertible preferred shares for an aggregate amount of US$100 million, which is in addition to the financing transactions with the Investors of up to US$315 million announced by the Company on June 15, 2021. Pursuant to the potential transaction, the Company will issue senior convertible preferred shares to the Investors in an aggregate amount of US$100 million at a price of US$0.23377 per share (equivalent to US$0.7013 per American depositary share of the Company). The potential transaction is subject to the parties’ execution of definitive agreements and customary closing conditions to be stipulated therein. The definitive agreements are expected to be signed by June 30, 2022.