BEIJING, Dec. 1, 2021 /PRNewswire/ -- Tarena
International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a
leading provider of adult professional education and childhood
& adolescent quality education services in China, today announced that it plans to change
the ratio of its American Depositary Shares ("ADSs") to its Class A
ordinary shares (the "ADS Ratio"), par value US$0.001 per share, from the current ADS Ratio of
one (1) ADS to one (1) Class A ordinary share to a new ADS Ratio of
one (1) ADS to five (5) Class A ordinary shares. The Company will
file a post-effective amendment to the ADS Registration Statement
on Form F-6 with the SEC to reflect the change in the ADS Ratio.
The Company anticipates that the change in the ADS Ratio will be
effective on December 23, 2021,
subject to the SEC having declared the post-effective amendment to
the ADS Registration Statement on Form F-6 to be effective.
For Tarena's ADS holders, the change in the ADS Ratio will have
the same effect as a one-for-five reverse ADS split. Each ADS
holder of record at the close of business on the date when the
change in ADS Ratio becomes effective will receive one (1) new ADS
in exchange for every five (5) existing ADSs then held. Citibank,
N.A., as the depositary bank for Tarena's ADS program, will arrange
for the exchange of the current ADSs for the new ADSs. Holders of
uncertificated will not be required to take any action in
connection with the ADS Ratio change. Holders certificated ADSs
(that is, ADSs represented by a physical certificate) will be
required to surrender the certificates evidencing their ADSs to the
depositary bank to exchange the existing ADSs for new ADSs.
Tarena's ADSs will continue to be traded on the Nasdaq Global
Select Market under the symbol "TEDU."
No fractional new ADSs will be issued in connection with the
change in the ADS Ratio. 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) will distributed to
the applicable ADS holders by the depositary bank. The change in
the ADS Ratio will have no impact on Tarena's underlying Class A
ordinary shares, and no Class A ordinary shares will be issued or
cancelled in connection with the change in the ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the change
in the ADS Ratio will be equal to or greater than five times the
ADS trading price before the ADS Ratio change.
About Tarena International, Inc.
Tarena is a leading provider of adult professional education and
childhood and adolescent quality education services in
China. Through its innovative
education platform combining live distance instruction,
classroom-based tutoring and online learning modules, Tarena offers
adult professional education courses in IT and non-IT subjects. Its
adult professional education courses provide students with
practical skills to prepare them for jobs in industries with
significant growth potential and strong hiring demand. Tarena also
offers childhood and adolescent quality education programs,
including computer coding and robotics programming courses, etc.,
targeting students aged between three and eighteen.
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, including any business outlook and
statements about Tarena's beliefs and expectations, 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: the impact of the COVID-19 outbreak;
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.
SOURCE Tarena International, Inc.