BEIJING, Dec. 7, 2020 /PRNewswire/ -- GSX Techedu Inc.
(NYSE: GSX) ("GSX" or the "Company"), a leading online K-12
large-class after-school tutoring service provider in China, today announced that certain investors
have agreed to purchase through a private placement a total of US$ 870
million of newly issued Class A ordinary shares of the
Company, representing approximately 6.2% of the Company's total
outstanding shares. The private placement is expected to be closed
in December 2020.
It is expected that the share issuances will be exempted from
registration under the Securities Act of 1933, as amended, (the
"Securities Act") pursuant to Section 4(a)(2) of the Securities Act
regarding transactions not involving a public offering or
Regulation S under the Securities Act.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under 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" "future, " "intends, " "plans, "
"believes, " "estimates" and similar statements. The Company 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 reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's ability to continue to attract students to enroll in its
courses; the Company's ability to continue to recruit, train and
retain qualified teachers; the Company's ability to improve the
content of its existing course offerings and to develop new
courses; the Company's ability to maintain and enhance its brand;
the Company's ability to maintain and continue to improve its
teaching results; and the Company's ability to compete effectively
against its competitors. Further information regarding these and
other risks is included in the Company's reports filed with, or
furnished to the U.S. Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of this press release, and GSX undertakes no duty
to update such information or any forward-looking statement, except
as required under applicable law.
About GSX Techedu Inc.
GSX is a technology-driven education company and leading online
K-12 large-class after-school tutoring service provider in
China. GSX offers K-12 courses
covering all primary and secondary grades through the brand
Gaotuketang as well as foreign language, professional and interest
courses through the brand Genshuixue. GSX adopts an online live
large-class format to deliver its courses, which the Company
believes is the most effective and scalable model to disseminate
scarce high-quality teaching resources to aspiring students in
China. Big data analytics
permeates each aspect of the Company's business and facilitates the
application of the latest technology to improve teaching delivery,
student learning experience, and operational efficiency.
For further information, please contact:
GSX Techedu Inc.
Ms. Sandy Qin, CFA
Mr. Eric Yuan
Ms. Linda Bergkamp
SOURCE GSX Techedu Inc.