CUPERTINO, Calif., March 1,
2023 /PRNewswire/ -- Ambow Education Holding
Ltd. ("Ambow" or the "Company") (NYSE American: AMBO), a US-based
global education company, today announced its entry into a
securities purchase agreement (the "Agreement") with an
institutional investor (the "Investor") to issue and sell 5,000,000
ordinary shares of the Company (the "Shares") and an accompanying
warrant to purchase up to 2,000,000 ordinary shares of the Company
(the "Warrant") at a purchase price of US$0.40 per share, for a total consideration of
approximately US$2.0 million (the
"Private Placement"). The Warrant is exercisable upon issuance and
has a three-year term from the exercise date. The exercise price of
the Warrant is US$0.80 per share.
The Private Placement was consummated on February 28, 2023, upon satisfaction of customary
closing conditions.
"As Ambow continues to expand its US operations, we are very
pleased to partner with experienced strategic investors who
recognize the long-term value that our company brings to global
education," stated Dr. Jin Huang,
Ambow's CEO. "Going forward, we will continue to optimize our
online and in-person educational services while seeking to maximize
shareholder value."
The Shares and the Warrant were issued pursuant to Section
4(a)(2) of the Securities Act of 1933, as amended, as the
transaction did not involve a public offering. The ordinary shares
issuable to the Investor upon exercise of the Warrant will be
issued in reliance upon the exemption from registration provided by
Section 4(a)(2) of the Securities Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
A copy of the securities purchase agreement relating to this
financing can be obtained at the SEC's website at www.sec.gov.
About Ambow
Ambow Education Holding Ltd. is a technology-driven education
company with primary operations in the
United States. Through the operation of its for-profit
colleges and dynamic patented open-platform technology, Ambow
offers high-quality, individualized, and dynamic career education
services and products.
Follow us on Twitter: @Ambow_Education
Forward-Looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. These forward-
looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about Ambow and the industry. All
information provided in this press release is as of the date
hereof, and Ambow undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although Ambow believes that the expectations
expressed in these forward-looking statements are reasonable, it
cannot assure you that its expectations will turn out to be
correct, and investors are cautioned that actual results may differ
materially from the anticipated results.
For more information, please contact:
Ambow Education Holding Ltd.
Email: ir@ambow.com
Rasky Partners | Media
jgriffin@rasky.com
Piacente Financial Communications | Investor Relations
Tel: +1 212-481-2050 or +86 10-6508-0677
Email: ambow@tpg-ir.com
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SOURCE Ambow Education Holding Ltd.
