After a nearly 161% price gain over the past year, shares of SaaS solutions provider Renren (NYSE:RENN) are down nearly 92% in the pre-market session today after the company reported nine months’ numbers for fiscal 2022.
This decline in the share price is attributable to RENN’s special cash distribution associated with its Stipulation of Settlement. In anticipation of this drop in share price, the company’s board has announced a share buyback program worth $10 million to shore up the price.
For the nine months ended September 30, the company generated a revenue of $23.74 million. This indicates a year-over-year drop of ~28.7%. Net loss per share during this period came in at $0.05.
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