SHENZHEN, China, Aug. 4, 2022
/PRNewswire/ -- Meten Holding Group Ltd. ("METX" or the
"Company") (Nasdaq: METX), an omnichannel training company
headquartered in China providing
language and workplace training services and actively developing
metaverse, blockchain and cryptocurrency mining businesses, today
announced that it has entered into a definitive agreement with two institutional investors for the
purchase and sale of 1,260,000
ordinary shares and pre-funded warrants to purchase up to 7,983,811 ordinary shares at a purchase
price of $0.70 per share in a
registered direct offering. The purchase price for the pre-funded
warrants is identical to the purchase price for shares, less the
exercise price of $0.001 per
share.
In a concurrent private placement, the Company also agreed to
issue to the same investors
units to purchase pre-funded
warrants to purchase up to 1,470,475 ordinary shares and common
warrants to purchase 21,428,572 ordinary
shares at an exercise price of $0.70 per
share. The purchase price for each unit
will be $0.70, with an exercise price
per pre-funded warrant of $0.001 per
share. The warrants will have a 5-year term from the date of
issuance. The aggregate gross proceeds to the Company of both
transactions are expected to be approximately $7.5 million. The transactions are expected
to close on or about August 8, 2022,
subject to the satisfaction of customary closing conditions.
Aegis Capital Corp. is acting as the Exclusive Placement
Agent.
The registered direct offering is being 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 proposed
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the final prospectus supplement and the accompanying prospectus may
be obtained, when available, by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by
email at syndicate@aegiscap.com, or by telephone at (212)
813-1010.
The offer and sale of the securities in the private placement
are being made in a transaction not involving a public offering and
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or applicable state securities
laws. Accordingly, the securities may not be reoffered or resold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws. The securities were offered only
to accredited investors. Pursuant to a registration rights
agreement with the investor, the Company has agreed to file one or
more registration statements with the SEC covering the resale of
the ordinary shares and the shares issuable upon exercise of the
pre-funded warrants and warrants.
Before investing in this offering, interested parties should
read in their entirety the prospectus supplement and the
accompanying prospectus and the other documents that the Company
has filed with the SEC that are incorporated by reference in such
prospectus supplement and the accompanying prospectus, which
provide more information about the Company and such 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.
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX
Education Group Ltd., is an omnichannel training company
headquartered in China providing
language and workplace training services. In addition to its
training services, Meten Holding Group actively develops metaverse,
blockchain and cryptocurrency mining businesses to align with its
future business development strategy. Meten Holding Group is
committed to developing blockchain related businesses in
North America, including
cryptocurrency mining, mining farm construction, and mining pool
and data center operation. Meten Holding Group actively explores
metaverse business, such as Metaverse vocational education courses,
with its competitive advantages and technology.
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, including the closing of the Offering. 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 investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
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SOURCE Meten Holding Group Ltd.