China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China
Liberal”), an educational services provider in China, today
announced the closing of its initial public offering (“IPO”) of
1,333,333 ordinary shares priced at $6.00 per ordinary share,
before underwriting discounts and offering expenses, resulting in
gross proceeds of $8,000,000. The offering was conducted on a firm
commitment basis and closed on May 12, 2020.
The ordinary shares were previously approved for
listing on The Nasdaq Capital Market and commenced trading under
the ticker symbol “CLEU” on May 8, 2020.
Boustead Securities, LLC (“Boustead”), acted as
the sole underwriter for the offering, with Zinvest Global Limited
in Hong Kong serving as Asian book runner. Hunter Taubman Fischer
& Li LLC acted as counsel to China Liberal, and Pryor Cashman
LLP acted as counsel to Boustead.
China Liberal has granted Boustead a 45-day
option to purchase up to an additional 200,000 ordinary shares at
the IPO price, less underwriting discounts, to cover
over-allotments, if any.
A registration statement on Form F-1 (File No.
333-233016), including a prospectus relating to the offering, was
filed with the U.S. Securities and Exchange Commission (the “SEC”)
and was declared effective by the SEC. The offering of the ordinary
shares was made only by means of a prospectus. Copies of the final
prospectus relating to the offering may be obtained on the SEC’s
website (www.sec.gov) and may also be obtained from Boustead
Securities, LLC, by email at offerings@boustead1828.com or
telephone +1 (949) 502-4409 or standard mail to Boustead
Securities, LLC, Attn: Equity Capital Markets, 6 Venture, Suite
395, Irvine, CA 92618, USA.
Before you invest, you should read the
prospectus and other documents China Liberal has filed or will file
with the SEC for more complete information about China Liberal and
the offering. 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. There is no guarantee that any specific
outcome would be achieved. Securities may be illiquid, speculative
and there is a risk of total loss. Past performance is not
indicative of future results.
About China Liberal Education Holdings
Limited
China Liberal, headquartered in Beijing, is an
educational services provider in China. It provides a wide range of
services, including those under Sino-foreign jointly managed
academic programs; overseas study consulting services;
technological consulting services for Chinese universities to
improve their campus information and data management system and to
optimize their teaching, operating and management environment,
creating a “smart campus”; and tailored job readiness training to
graduating students. For more information, visit the company’s
website at ir.chinaliberal.com.
About Boustead Securities,
LLC
Boustead Securities, LLC (“Boustead”) is an
investment banking firm that executes and advises on IPOs, mergers
and acquisitions, capital raises and restructuring assignments in a
wide array of industries, geographies and transactions, for a broad
client base. Boustead’s core value proposition is the ability to
create opportunity through innovative solutions and tenacious
execution. With experienced professionals in the United States,
Boustead’s team moves quickly and provides a broad spectrum of
sophisticated financial advice and services. For more information,
visit www.boustead1828.com.
Forward-Looking Statements
This document contains forward-looking
statements. In addition, from time to time, we or our
representatives may make forward-looking statements orally or in
writing. We base these forward-looking statements on our
expectations and projections about future events, which we derive
from the information currently available to us. Such
forward-looking statements relate to future events or our future
performance, including: our financial performance and projections;
our growth in revenue and earnings; and our business prospects and
opportunities. You can identify forward-looking statements by those
that are not historical in nature, particularly those that use
terminology such as “may,” “should,” “expects,” “anticipates,”
“contemplates,” “estimates,” “believes,” “plans,” “projected,”
“predicts,” “potential,” or “hopes” or the negative of these or
similar terms. In evaluating these forward-looking statements, you
should consider various factors, including: our ability to change
the direction of the Company; our ability to keep pace with new
technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our
actual results to differ materially from any forward-looking
statement. Forward-looking statements are only predictions. The
forward-looking events discussed in this press release and other
statements made from time to time by us or our representatives, may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties and assumptions about us. We
are not obligated to publicly update or revise any forward-looking
statement, whether as a result of uncertainties and assumptions,
the forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives might not occur.
Contacts
China Liberal
China Liberal Education Holdings Limited
Linda Ding,
SecretaryLinda.ding@chinaliberal.com ir@chinaliberal.com
Boustead
Boustead Securities, LLC
Dan McClory, Head of Equity Capital Markets and Head of
Chinadan@boustead1828.com +1 949 502 4409
Corporate Communications
Ascent Investor Relations LLC
Tina Xiao, Presidenttina.xiao@ascent-ir.com +1 917 609
0333
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