Ruhnn Announces Receipt of Preliminary Non-Binding “Going Private” Proposal

HANGZHOU, China, Nov. 25, 2020 /PRNewswire/ — Ruhnn Holding Limited (“ruhnn” or the “Company”) (NASDAQ: RUHN), a leading internet key opinion leader (“KOL”) facilitator in China, today announced that its board of directors (the “Board”) has received a preliminary non-binding proposal letter, dated November 25, 2020, from three founders of the Company, Min Feng, Lei Sun and Chao Shen (together with their respective affiliates, the “Buyer Group”), proposing to acquire all outstanding Class A ordinary shares, including Class A ordinary shares represented by American depository shares (the “ADSs,” each representing five Class A ordinary shares), and Class B ordinary shares (together with the Class A ordinary shares, the “Shares”) of the Company not already owned by the Buyer Group for US$0.68 per Share (or US$3.4 per ADS) in cash in a going private transaction (the “Proposed Transaction”).

A copy of the proposal letter is attached hereto as Exhibit A.


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US tech firms like Uber, Lyft, and DoorDash could pay gig workers up to 15% of their compensation in stock under new proposal

  • US tech firms including Uber, Lyft, and DoorDash could offer independent contractors up to 15% of their compensation in stock under a new regulatory proposal.
  • The proposal addresses heated debate in favor of allowing the fast-growing gig economy to enjoy more traditional benefits like job security.
  • The SEC’s proposal will be open for 60 days of public comment.
  • It is unclear if President-elect Joe Biden’s new SEC pick will finalize the pilot program.
  • Visit Business Insider’s homepage for more stories.

US app-based technology firms like Uber, Lyft, and DoorDash could offer equity compensation to their gig workers under a new SEC proposal announced Tuesday.

The regulator proposed a pilot program for tech platforms that employ food-delivery workers or drivers to get paid up to 15% of their compensation in stock rather than cash. Gig workers could not be paid in equity previously, but regular employees could.

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Marijuana settlement proposal rejected by Warren City Council

WARREN, Mich. – The Warren City Council voted 5-2 on Tuesday rejecting a proposed settlement that would grant 28 licenses for medical marijuana provisional centers.

Additionally, the proposed settlement would have dismissed litigation filed by 31 applicants over the original selection process, which a judge said violated the Open Meetings Act

“Several members of the previous city council were fed by greed and corruption and charted a course behind closed doors at the direction of the mayor and the legal advice of city attorney Vinson.” said Councilman Jonathan Lafferty.

Lafferty did not hold back on why he wanted to council to vote down a settlement of the lawsuit.

  • Warren seeking public input on proposed lawsuit settlement to award 28 marijuana licenses
  • Controversy continues over medical marijuana dispensaries licensing process in Warren

“Their actions ensured that this council, the new council, would later be compelled into a making a decision that

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City proposal could grant Warren 28 marijuana licenses, dismiss lawsuit

WARREN, Mich. – A proposed settlement agreement is being voted on Tuesday by the Warren city council that would grant 28 licenses for marijuana provisioning centers.

Additionally, the proposed settlement would dismiss a lawsuit filed by 31 applicants over the original selection process, which a judge said violated the Open Meetings Act.

READ: Controversy continues over medical marijuana dispensaries licensing process in Warren

If the proposal passes, Oz Cannabis would have the go-ahead with its massive project, which has revitalized a building that has sat vacant for nearly a decade.

Back in 2019, the city of Warren decided to award 10 licenses for provisional marijuana centers. That number eventually became 15 but those who were chosen filed suit because the selection process was kept private.

“We’re hopeful that they’re going to pass it,” said Alan Shamoun, with Oz Cannabis. “It’s a benefit to the city in multiple ways — the

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Gig Workers Could Be Paid Partially in Stock Under SEC Proposal

WASHINGTON—Privately held online platform companies such as DoorDash and UrbanSitter could pay their workers partially in stock under a rule proposed Tuesday by the Securities and Exchange Commission.

So-called gig-economy workers currently don’t qualify for SEC exemptions that allow private firms to offer equity compensation to their employees and contractors. Firms including
Uber Technologies Inc.
—before it went public—have lobbied the regulator in recent years to allow them to do so.

The SEC’s proposed rule would allow internet-based platform companies to pay as much as 15% of a gig worker’s annual compensation in the form of equity, up to a limit of $75,000 over three years. It would be limited to workers who provide bona fide services through the company’s platform, rather than people who use apps to sell goods.

“Workers who participate in the gig economy have become increasingly important to the continued growth of the broader U.S. economy,”

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Cong flays RBI’s proposal to allow corporate houses into banking sector

The Congress on Tuesday condemned the proposal of the Reserve Bank of India’s (RBIs) Internal Working Group (IWG) recommending the entry of business houses into the banking sector, saying it has the “fingerprints of Modi Government written all over it”. The party called upon all the people of India and all political parties and trade unions to join in resolutely opposing the retrograde idea of allowing corporates and business houses to enter the banking sector and set up banks.

Former Finance minister P Chidambaram said the proposal, along with some other recommendations by the IWG, is part of a deeper game plan to control the banking industry by the NDA Government at the Centre. If implemented, the proposal will “completely reverse the enormous gains made in the last 50 years of retrieving the banking sector from the clutches of business houses”, Chidambaram noted.

“If business houses are allowed to own

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Geneva proposal to add fines for bars, restaurants ignoring state coronavirus restrictions fails to pass

GENEVA, Ill. — Elected officials in west suburban Geneva did not pass a proposal Monday night which would give the city the power to fine bars and restaurants if they serve customers indoors in violation of state orders. 

During a committee meeting held online and in person due to the pandemic, city council members and the mayor discussed a draft ordinance allowing the city to declare any violations of state COVID-19 mitigation measures as a public nuisance. Residents were allowed to comment as well.

After over three hours of discussion, the vote failed 3 to 7 and will not advance to the city council.

Indoor service at bars and restaurants is not allowed across Illinois, but several Geneva establishments are reportedly operating in violation of the state’s latest “Tier 3” restrictions. 

Located just around the corner from City Hall, Foxfire Restaurant is still offering indoor dining. Owner K.C. Gulbro said

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Congress welcomes economic experts’ criticism of central govt’s proposal to allow corporates in banking sector

Congress leader P Chidambaram (File Photo)

New Delhi [India], November 24 (ANI): The Congress party welcomed the statement of Dr Raghuram Rajan and Dr Viral Acharya stoutly opposing the proposal of the BJP government to allow corporates and business houses to enter the banking sector and establish banks, in a media briefing on Tuesday.

“It is on record that the idea, when first mooted, was opposed by all. Dr Rajan and Dr Acharya have given cogent and convincing reasons why the idea is totally retrograde and why it will lead to the concentration of economic and political power in India,” an official statement from Congress stated.
The media briefing, led by P Chidambaram, said that BJP’s proposal, ostensibly based on a report of an RBI Internal Working Group (IWG) had fingerprints of the Modi government written all over it.
“This proposal, along with some other recommendations, is part of a deeper game plan to control the

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U.S. tech firms can compensate gig-workers with equity under SEC proposal

WASHINGTON (Reuters) – The U.S. securities regulator on Tuesday proposed a pilot program to allow tech companies like Uber and Lyft to pay gig workers up to 15% of their annual compensation in equity rather than cash, a move it said was designed to reflect changes in the workforce.

The Securities and Exchange Commission (SEC) said internet-based companies may have the same incentives to offer equity compensation to gig-workers as they do to employees. Until now, though, SEC rules have not allowed companies to pay gig workers in equity.

The proposal would not require an increase in pay, just create flexibility on whether to pay using cash or equity. It comes amid a fierce debate over the fast-growing gig economy, which labor activists complain exploits workers, depriving them of job security and traditional benefits like healthcare and paid vacations. The SEC’s Democratic commissioners said giving tech giants such flexibility would

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UK telecoms industry gives guarded welcome to Telecommunications Bill proposal

Just when anyone would be forgiven for thinking the furore had ended regarding the need for telcos to remove the technology belonging to so called “at-risk” suppliers from their 5G infrastructures, think again, as new UK government legislation to further reinforce this degree opens up new wounds.

The UK government’s Telecommunications (Security) Bill, to be introduced on 24 November, aims to give the government unprecedented new powers to, in its words, boost the security standards of the UK’s telecoms networks and remove the threat of high-risk suppliers, principally Huawei.

It is also said to provide a basis to strengthen the security framework for technology used in 5G and full-fibre networks, including the electronic equipment and software at phone mast sites and in telephone exchanges which handle internet traffic and telephone calls.

The background of the new legislation is the decision in July 2020 by the UK government to commit to

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