BEIJING, Nov. 12, 2020
/PRNewswire/ -- TAL Education Group (NYSE: TAL) ("TAL" or the
"Company"), a leading K-12 after-school tutoring services provider
in China, today announced that a
global growth investment firm has agreed to purchase a total of
approximately US$1.5 billion of newly
issued Class A common shares of the Company. Following the
transaction, the investor will hold, taking into account its
existing holding, approximately 8.35% of the Company's outstanding
The transaction is subject to customary closing conditions and
the closing is expected to take place in November 2020. The investor has agreed not to
sell, transfer or dispose of any shares acquired in the transaction
for six months after the closing.
The share issuance is exempt from registration under the
Securities Act of 1933, as amended, (the "Securities Act") pursuant
to Section 4(2) of the Securities Act regarding transactions not
involving a public offering or is made in reliance on, and in
compliance with, Regulation S under the Securities Act.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. The Company may
also make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. Information regarding these risks and uncertainties
is included in the Company's reports filed with, or furnished to
the U.S. Securities and Exchange Commission. All information
provided in this press release and in the attachments is as of the
date of this press release, and TAL Education Group undertakes no
duty to update such information or any forward-looking statement,
except as required under applicable law.
About TAL Education Group
TAL Education Group is a leading K-12 after-school tutoring
services provider in China. The
acronym "TAL" stands for "Tomorrow Advancing Life", which reflects
our vision to promote top learning opportunities for Chinese
students through both high-quality teaching and content, as well as
leading edge application of technology in the education experience.
TAL Education Group offers comprehensive tutoring services to
students from pre-school to the twelfth grade through three
flexible class formats: small classes, personalized premium
services, and online courses. Our tutoring services cover the core
academic subjects in China's
school curriculum as well as competence oriented programs. The
Company's learning center network currently covers 91 cities. We
also operate www.jzb.com, a leading online education platform in
China. Our ADSs trade on the New
York Stock Exchange under the symbol "TAL".
For further information, please contact:
TAL Education Group
Tel: +86 10 5292 6658
Tel: +31 6 5462 4301
SOURCE TAL Education Group