Meten EdtechX Closes $40 Million Underwritten Public Offering of Ordinary Shares
May 26 2021 - 9:29AM
Meten EdtechX Education Group Ltd. ("Meten EdtechX" or the
"Company") (NASDAQ: METX), one of the leading omnichannel English
language training (“ELT”) service providers in China, today
announced the closing of an underwritten public offering (the
“Offering”) with gross proceeds to the Company of $40 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses payable by the Company. The Offering
included 40,000,000 of the Company’s ordinary shares at the public
offering price of $1.00 per share. The Company intends to use the
net proceeds from this Offering for working capital and general
corporate purposes.
The Company has also granted the underwriter a
45-day option to purchase up to an additional 15% of the number of
ordinary shares offered in the Offering to cover over-allotments,
if any, which would increase the total gross proceeds of the
offering to approximately $46 million, if the over-allotment option
is exercised in full.
Aegis Capital Corp. acted as the sole
book-running manager for the Offering.
The Offering was made pursuant to an effective
shelf registration statement on Form F-3 (No. 333-256087)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and declared effective by the SEC on May 21, 2021. A
final prospectus supplement and accompanying prospectus describing
the terms of the Offering have been filed with the SEC and are
available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained by contacting Aegis Capital
Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor,
New York, NY 10019, by email at syndicate@aegiscap.com, or by
telephone at (212) 813-1010.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Meten EdtechX Education Group Ltd.
Meten EdtechX is one of the leading ELT service
providers in China, delivering English language and skills training
for Chinese students and professionals. Through a sophisticated
digital platform and a nationwide network of learning centers, the
Company provides its services under three industry-leading brands:
Meten (adult and junior ELT services), ABC (primarily junior ELT
services) and Likeshuo (online ELT). The Company offers superior
teaching quality and student satisfaction, served by cutting edge
technology deployed across its business, including AI-driven
centralized teaching and management systems that record and analyze
learning processes in real time. The Company is committed to
improving the overall English language competence of the Chinese
population to keep abreast of the rapid development of
globalization. Its experienced management is focused on further
developing its digital platform and expanding its network of
learning centers to deliver a continually evolving service
offerings to a growing number of students across China.
For more information, please visit:
https://investor.metenedu-edtechx.com.
Forward-Looking Statements
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
For more information, please contact Investor
Relations:
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.xiao@ascent-ir.com
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