Jianzhi Education Announces Plan to Implement ADS Ratio Change
February 16 2024 - 8:30AM
Jianzhi Education Technology Group Company Limited (the “Company”
or “Jianzhi”) (NASDAQ: JZ), a leading provider of digital
educational content in China, today announced that it plans to
change the ratio of its American Depositary Shares (“ADSs”) from
current one (1) ADS representing two (2) ordinary shares to a new
ADS Ratio of one (1) ADS representing six (6) ordinary shares (the
“ADS Ratio Change”). The Company anticipates that the ADS Ratio
Change will be effective on or about February 20, 2024 (U.S.
Eastern Time). Jianzhi’s ADSs will continue to be traded on the
Nasdaq Stock Exchange under the symbol “JZ”.
For Jianzhi’s ADS holders, the ADS Ratio Change
will have the same effect as a one-for-three reverse ADS split.
Each ADS holder of record at the close of business on the date when
the ADS Ratio Change is effective will be required to surrender and
exchange every three (3) existing ADSs then held for one (1) new
ADS. The Bank of New York Mellon, as the depositary bank for
Jianzhi’s ADSs, will arrange for the exchange of the current ADSs
for the new ones.
No fractional new ADSs will be issued in connection
with the ADS Ratio Change. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the depositary bank, and the
net cash proceeds from the sale of the fractional ADS entitlements
(after deduction of fees, taxes, and expenses, where applicable)
will be distributed to the applicable ADS holders by the depositary
bank. The ADS Ratio Change will have no impact on Jianzhi’s
underlying ordinary shares, and no ordinary shares will be issued
or canceled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, Jianzhi’s ADS
trading price is expected to increase proportionally, although the
Company can give no assurance that the ADS trading price after the
ADS Ratio Change will be equal to or greater than three (3) times
the ADS trading price before the change.
About Jianzhi Education Technology Group
Company Limited
Headquartered in Beijing and established in 2011,
Jianzhi is a leading provider of digital educational content in
China and has been committed to developing educational content to
fulfill the massive demand for high-quality, professional
development training resources in China. Jianzhi started operations
by providing educational content products and IT services to higher
education institutions. Jianzhi also provides products to
individual customers. Leveraging its strong capabilities in
developing proprietary professional development training content
and success in consolidating educational content resources within
the industry, Jianzhi has successfully built up a comprehensive,
multi-dimensional digital educational content database which offers
a wide range of professional development products. Jianzhi embed
proprietary digital education content into the self-developed
online learning platforms, which are provided to a wide range of
customers through its omni-channel sales system. Jianzhi is also
fully committed to the digitalization and informatization of the
education sector in China. For more information, please visit:
www.jianzhi-jiaoyu.com.
Safe Harbor Statement
This press release (the “Press Release”) contains
statements that may constitute “forward-looking” statements
pursuant to 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,” “aims,” “future,” “intends,” “plans,”
“believes,” “estimates,” “likely to,” and similar statements.
Statements that are not historical facts, including statements
about the Company’s beliefs, plans, and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. Further information regarding
these and other risks is included in the Company’s filings with the
SEC. All information provided in this Press Release is as of the
date of this Press Release, and the Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
Janice WangWFS Investor Relations Inc.Phone: +86
13811768559+1 628 283 9214Email: services@wealthfsllc.com
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