BEIJING, Dec. 10, 2018 /PRNewswire/ -- Mr.
Shaoyun Han, the Chairman and Chief
Executive Officer of Tarena International, Inc. (NASDAQ: TEDU)
("Tarena" or the "Company"), a leading provider of professional
education services in China, today
informed the board of directors (the "Board") of the Company that
he has entered into a Share Purchase Agreement (the "SPA") with
Banyan Enterprises Limited and Banyan Enterprises A Limited
(together, the "Purchasers"), pursuant to which Mr. Han agreed to
sell a total of 847,817 Class A Ordinary Shares of the Company for
a purchase price of US$7.077 per
share (or US$6,000,000.00 in the
aggregate) to the Purchasers (the "Transaction"). According to Mr.
Han, the purpose of the Transaction is to repay his personal loan
borrowed earlier to purchase Tarena's Class A Ordinary shares. Mr.
Han has filed a related Schedule 13D/A with the SEC on December 10, 2018, and has informed the Board
that the Transaction has been closed.
According to the agreements filed by Mr. Han as exhibits to the
Schedule 13D/A, under certain circumstances as provided in the SPA,
Mr. Han has an obligation to compensate the Purchasers if the
actual transfer price per share is lower than the purchase price
per share in the Transaction plus simple interest rate of 6% per
annum for certain period as stated in the SPA. In the event future
share price is higher than the purchase price per share in the
Transaction, the Purchasers will pay to Mr. Han an amount equal to
fifty percent (50%) of the result of the sales profit minus the
purchase price in the Transaction.
About Tarena International, Inc.
Tarena International, Inc. (NASDAQ: TEDU) is a leading provider
of professional education services in China. Through its innovative education
platform combining live distance instruction, classroom-based
tutoring and online learning modules, Tarena offers professional
education courses in IT and non-IT subjects. Tarena also offers kid
education programs. Its professional education courses provide
students with practical skills to prepare them for jobs in
industries with significant growth potential and strong hiring
demand. Since its inception in 2002, Tarena has trained over
539,000 students, cooperated with approximately 757 universities
and colleges and placed students with approximately 141,000
corporate employers in a variety of industries.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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," "confident" and similar statements. Tarena 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 report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts are forward-looking statements. Many
factors, risks and uncertainties could cause actual results to
differ materially from those in the forward-looking statements.
Such factors and risks include, but not limited to the following:
Tarena's goals and strategies; its future business development,
financial condition and results of operations; its ability to
continue to attract students to enroll in its courses; its ability
to continue to recruit, train and retain qualified instructors and
teaching assistants; its ability to continually tailor its
curriculum to market demand and enhance its courses to adequately
and promptly respond to developments in the professional job
market; its ability to maintain or enhance its brand recognition,
its ability to maintain high job placement rate for its students,
and its ability to maintain cooperative relationships with
financing service providers for student loans. Further information
regarding these and other risks, uncertainties or factors is
included in Tarena's filings with the U.S. Securities and Exchange
Commission. All information provided in this press release is
current as of the date of the press release, and Tarena does not
undertake any obligation to update such information, except as
required under applicable law.
For investor and media inquiries, please contact:
Lei Song
Investor Relations Contact
Tarena International Inc.
Tel: +8610 56219451
Email: ir@tedu.cn
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SOURCE Tarena International, Inc.