Ambow Education receives bid for company assets in China
Beijing, September 20, 2022 /PRNewswire/ — Ambow Education Holding Ltd. (“Ambow” or the “Company”) (NYSE American: AMBO) announced today that its board of directors (the “Board”) has submitted a non-binding preliminary proposal (“Proposal”) from Wealth Limited (“SPV”) to acquire all of our business assets ChinaThe sale of these assets is in line with applicable Chinese regulatory requirements introduced in 2021.
dated September 13, 2022, the proposal outlines the SPV’s intent to acquire (i) all equity interests in the Company’s WFOEs and VIEs, and (ii) all intellectual property owned by its subsidiaries used in the conduct of the business of the WFOEs and VIEs. doing. Our (entities and assets described in (i) and (ii), which represent substantially all of our assets other than our U.S. assets, collectively, “Coverages”).Target’s purchase price is approximately $10 million.
In line with its fiduciary responsibilities, the Board has begun to carefully evaluate the proposals, including plans to engage an independent valuation firm to evaluate the subject’s valuations, as well as the benefits of the company and its various stakeholders. We have decided on a course of action that we believe is the best. AMBO shareholders do not need to do anything at this time.
With the proposed business sale, Chinathe company also announced that Ambow Chief Financial Officer KJ Tan has resigned. September 19, 2022. Ph.D. gin fanAmbow’s President and Chief Executive Officer (CEO) will serve as Acting Chief Financial Officer until a successor is appointed.
“Dispose of our assets China Dr. Huang said: To bring technology-driven learning to the vast US education market. ”
(ii) that a definitive agreement relating to the transaction contemplated by the proposal will be entered into; or (iii) that the proposed transaction or any other similar transaction will take place. No warranty. Accept or complete. We undertake no obligation to provide any updates with respect to this or any other transaction, except as required by applicable law.
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. is the nation’s leading provider of educational and career advancement services, offering high quality, personalized services and products. With a dynamic proprietary learning platform and an extensive network of regional service hubs complemented by distributors, Ambow serves students in 15 of 34 states and boroughs. China.
Follow us on Twitter: @Ambow_Education
safe harbor declaration
This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as “intends,” “expects,” “believes,” “expects,” and similar terms. “intend”, “estimate” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections regarding AMBO and the industry. All information in this press release is current as of the date of this press release and AMBO does not reflect future events or circumstances or changes in expectations, except as required by law. We undertake no obligation to update any forward-looking statements in order to do so. Although AMBO believes that the expectations expressed in these forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove correct and investors should not expect actual results. Please note that the results may differ significantly.
For investor and media inquiries, please contact:
Ambow Education Holding Limited
Phone: +86 10-6206-8000
Piacente Group | Investor Relations
Phone: +1 212-481-2050 or +86 10-6508-0677
Email: [email protected]
Source: Ambow Education Holding Ltd.