Uxin Limited announced that it has entered into into a binding term sheet for a private placement of 427,770,886 senior convertible preferred shares at a price of $0.23377 per share for gross proceeds of up to $100,000,000 on May 16, 2022. The transaction included participation from returning investors Nio Capital and Joy Capital Management, Ltd. The potential transaction is subject to the parties execution and customary closing conditions to be stipulated therein. The binding term is expected to be signed by June 30, 2022.