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BEIJING, Sept. 20, 2022 /PRNewswire/ — Ambow Training Holding Ltd. (“Ambow” or the “Firm”) (NYSE American: AMBO), at this time introduced that its board of administrators (the “Board”) has obtained a preliminary non-binding proposal letter (the “Proposal Letter”) from Clover Wealth Restricted (“SPV”) to amass the entire Firm’s enterprise property in China. The sale of those property is in-line with relevant PRC’s regulatory necessities launched in 2021.
Dated September 13, 2022, the Proposal Letter outlines the SPV’s intent to amass (i) the entire fairness pursuits in WFOEs and VIEs of the Firm, and (ii) the entire mental properties used within the conduct of enterprise of WFOEs and VIEs and owned by a subsidiary of the Firm (the entities and property described in (i) and (ii), representing considerably all property of the Firm apart from the Firm’s U.S. property, collectively the “Goal”). The acquisition worth for the Goal is roughly $10 million.
In step with its fiduciary obligations, the Board has begun to fastidiously consider the Proposal Letter to find out the plan of action it believes is in one of the best curiosity of the Firm and its numerous stakeholders, together with plans to have interaction an impartial valuation agency to evaluate the Goal’s valuation. AMBO shareholders don’t want take any motion at the moment.
Together with the proposed sale of its operations in China, the Firm additionally introduced that Mr. KJ Tan, Ambow’s Chief Monetary Officer, has resigned, efficient September 19, 2022. Dr. Jin Huang, President and Chief Govt Officer of Ambow, will function Performing Chief Monetary Officer till a alternative is appointed.
“Disposing of our property in China features us extra sources and agility as we advance our U.S. enterprise, specifically our two not too long ago acquired for revenue faculties and our superior open platform know-how,” commented Dr. Huang. “In the present day, we greet the schooling sector from a place of power as we work to institute technology-driven studying within the huge U.S. schooling markets.”
There will be no assurance that (i) the Proposal Letter is not going to be withdrawn, (ii) any definitive settlement regarding the transaction as contemplated by the Proposal Letter might be entered into, or (iii) the proposed transaction or every other related transaction might be authorised or consummated. The Firm doesn’t undertake any obligation to offer any updates with respect to this or every other transaction, besides as required underneath relevant regulation.
About Ambow Training Holding Ltd.
Ambow Training Holding Ltd. is a number one nationwide supplier of academic and profession enhancement companies, providing high-quality, individualized companies and merchandise. With its intensive community of regional service hubs complemented by a dynamic proprietary studying platform and distributors, Ambow supplies its companies and merchandise to college students in 15 out of the 34 provinces and autonomous areas inside China.
Comply with us on Twitter: @Ambow_Education
Protected Harbor Assertion
This press launch incorporates statements of a forward-looking nature. These statements are made underneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. You possibly can establish these forward-looking statements by terminology reminiscent of “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and related statements. These forward- wanting statements contain recognized and unknown dangers and uncertainties and are primarily based on present expectations, assumptions, estimates and projections about AMBO and the trade. All info offered on this press launch is as of the date hereof, and AMBO undertakes no obligation to replace any forward-looking statements to replicate subsequent occurring occasions or circumstances, or modifications in its expectations, besides as could also be required by regulation. Though AMBO believes that the expectations expressed in these forward-looking statements are affordable, it can’t guarantee you that its expectations will become right, and buyers are cautioned that precise outcomes might differ materially from the anticipated outcomes.
For investor and media inquiries, please contact:
Ambow Training Holding Ltd.
Tel: +86 10-6206-8000
The Piacente Group | Investor Relations
Tel: +1 212-481-2050 or +86 10-6508-0677
E mail: [email protected]
SOURCE Ambow Training Holding Ltd.
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