Valor Energy Inc 8-K, filed Jan 6, 2021
Valor Energy Inc (VAI)
About this 8-K
Valor Energy Inc filed this 8-K on January 6, 2021, reporting on events of January 5, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 6, 2021 (January 5, 2021)
| SENMIAO TECHNOLOGY LIMITED |
| (Exact name of registrant as specified in its charter) |
| Nevada | 001-38426 | 35-2600898 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
|
16F, Shihao Square, Middle Jiannan Blvd. High-Tech Zone, Chengdu Sichuan, People’s Republic of China |
610000 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: +86 28 88678707
| Not Applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.0001 per share | AIHS | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 Other Events.
On January 5, 2021, Senmiao Technology Limited (the “Company”) issued a press release announcing operating metrics for its proprietary online ride-hailing platform, Xixingtianxia (known as XXTX), for the month of December 2020. A copy of the press release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| 99.1 | Press Release, dated January 5, 2021. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: January 6, 2021 | SENMIAO TECHNOLOGY LIMITED | |
| By: | /s/ Xi Wen | |
| Name: | Xi Wen | |
| Title: | Chief Executive Officer | |
Ex. 99.1
Senmiao Technology Announces Over 620,000 Completed Rides on Its XXTX Ride-Hailing Platform in December 2020
CHENGDU, China, Jan. 5, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced operating metrics for its proprietary online ride-hailing platform, Xixingtianxia (known as XXTX), for the month of December 2020 which showed a significant increase in number of completed rides (or orders) and active ride-hailing drivers who completed rides on its platform (or Active Drivers).
Senmiao announced the launch of XXTX in late October 2020 to ride-hailing drivers in Chengdu, China, one of Senmiao's core cities with a population of approximately 16 million. In December 2020, Senmiao expanded the availability of XXTX to Changsha, China, with a population of approximately 8 million. Since the October 2020, over 1.3 million rides have been completed using XXTX, including over 620,000 rides during December 2020 despite concerns over the re-occurrence of COVID-19 in Chengdu that arose over the past few weeks. The average monthly growth rate of the number of orders and the Active Drivers during the three months ending December 31, 2020 was approximately 96% and 66%, respectively, representing strong growth since the launch of XXTX.
During November and December 2020, which were the first two full months of XXTX's operation since Senmiao acquired the platform, Senmiao also saw a significant increase in the numbers and gross amount of rides following its strategic cooperation with Gaode Map and Meituan, two well-known ride-hailing aggregation platforms in Chengdu. Senmiao also saw strong adoption of XXTX in Changsha since the launch in late December, although the platform is still in the early stage of development. The average price per ride varies greatly depending on distance and time of day.
The table below presents the approximate, unaudited operating metrics of XXTX for the quarter ended December 31, 2020.
Completed orders of (in thousands) | Gross amount of ($ in thousands USD) | Active Drivers | ||||||||||
| October 2020 | 161 | 531 | 1,833 | |||||||||
| November 2020 | 537 | 1,646 | 3,409 | |||||||||
| December 2020 | 620 | 1,862 | 5,035 | |||||||||
| Cumulative | 1,318 | 4,039 | N/A | |||||||||
In addition, as of December 31, 2020, approximately 19% of the XXTX Active Drivers also lease automobiles from Senmiao, which demonstrates early results from Senmiao's strategy to cross sell its core ride-hailing focused automobile finance and leasing business with the newer XXTX business.
About Senmiao Technology Limited
Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's XXTX ride-hailing platform in Changsha and Chengdu, China) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances.
For more information, please contact:
At the
Company:
Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399
| Investor Relations: | |
| The Equity Group Inc. | In China |
| Adam Prior, Senior Vice President | Lucy Ma, Associate |
| (212) 836-9606 | +86 10 5661 7012 |
| aprior@equityny.com | lma@equityny.com |
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