MIDDLETOWN, Ohio, March 30, 2021 /PRNewswire/ -- Elite
Education Group International Limited (Nasdaq: EEIQ)
("EEG"), a provider of comprehensive, one-stop education
solutions for Chinese students interested in study abroad programs
in the US and other countries, announced the closing of its
previously announced $6.0 million
initial public offering of 750,000 units at a public offering
price of $8.00 per unit, with each
unit consisting of one common share, one Series A warrant, and one
Series B warrant. The Series A warrants permit the holder to
purchase one common share at an exercise price of $5.00 and expire after 5 years. The Series B
warrants permit the holder to purchase one common share at an
exercise price of $10.00 and expire
after 5 years, and contain an exchange feature that will permit the
holder to exchange the warrant into shares of common shares on a
one-for-one basis any time commencing the earlier of 15 days from
the warrant issuance date or the time when $10 million of volume is traded in the common
shares if the volume weighted average price of common shares on any
trading day on or after the date of issuance fails to exceed the
exercise price of the Series B warrants.
The underwriters have exercised their option to
purchase in full (i) Series A warrants to purchase
112,500 common shares, and (ii) Series B warrants to purchase
112,500 common shares.
The common shares and the accompanying warrants included in the
units were purchased together in this offering, but were issued
separately and were immediately separable upon issuance. The
Company's common shares began trading on the Nasdaq Capital Market
under the ticker symbol "EEIQ" on March 25,
2021. The Company does not intend to apply for any listing
of either of the warrants on the Nasdaq Capital Market or any other
securities exchange or nationally recognized trading system, and it
does not expect a market to develop for the Series A warrants or
the Series B warrants.
ViewTrade Securities, a global provider of brokerage, investment
banking, corporate / advisory and trading platform services, acted
as sole book-running manager for the offering.
A registration statement on Form F-1 relating to these
securities was declared effective by the Securities and Exchange
Commission ("SEC") on March 24, 2021.
Copies of the registration statement can be accessed by visiting
the SEC's website at www.sec.gov. The offering was made only by
means of a prospectus. A copy of the final prospectus related to
the offering may be obtained by visiting the SEC's website or from
ViewTrade Securities, 7280 W. Palmetto Park Rd, #310, Boca Raton, FL 33433, Attention: Prospectus
Department, or by email at IB@Viewtrade.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Elite Education Group International
Limited
Elite Education Group International Limited, through its
subsidiary Quest Holding International LLC, provides comprehensive,
one-stop education solutions for Chinese students who are
interested in study abroad programs in the US and other countries.
We develop specific education goals for each student enrolled in
our program and provide a safe and structured environment to enable
students to pursue their academic goals. Our primary study abroad
partnership is with Miami University of
Ohio where we maintain an office on campus that provides a
wide range of study abroad and post-study services for our
students. For more information, please visit
www.eei-global.net.
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "forecast,"
"project," "plan," "intend" or similar expressions, or statements
regarding intent, belief, or current expectations, including the
Company's expectations regarding the proposed offering of the
Company's shares of common stock, including as to the consummation
of the offering described above and the size of the offering are
forward-looking statements. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties,
including without limitation those set forth in the Company's
filings with the Securities and Exchange Commission, including, but
not limited to, risk factors relating to its business contained
therein. Thus, actual results could be materially different. The
Company expressly disclaims any obligation to update or alter
statements whether as a result of new information, future events or
otherwise, except as required by law.
Contacts
Elite Education Group International Limited:
+1 513-649-8350
ir@eei-global.net
Investor Relations:
Precept Investor Relations LLC
David Rudnick
Account Manager
+1 646-694-8538
david.rudnick@preceptir.com
Media Relations:
Eisenberg Communications
Rick
Eisenberg
+1 917-691-8934
eiscom@msn.com
Source: Elite Education Group International
Limited
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SOURCE Elite Education Group International Limited