Renren Announces $100M Share Buyback

Renren Inc. RENN today announced that its board of directors has authorized a new share repurchase program. Renren's board of directors has authorized, but not obligated, the Company to repurchase up to US$100 million of its own outstanding American Depositary Shares ("ADSs") within one year from June 28, 2013. This program replaces the previous $150 million program that was announced on September 29, 2011 and is close to be completed. The repurchases may be made on the open market at prevailing market prices pursuant to Rule 10b5-1 and/or Rule 10b-18 plans, in privately negotiated transactions, in block trades or in other legally permissible ways from time to time depending on market conditions and in accordance with applicable rules and regulations. See full press release