BEIJING, June 10,
2022 /PRNewswire/ -- RISE Education Cayman Ltd
("RISE" or the "Company") (NASDAQ: REDU) announced that it expects
to close the merger between RISE and Dada Auto Inc. ("NaaS")
previously announced on February 8,
2022 (the "Transaction") after the close of trading hours
for the Nasdaq Stock Market later today.
As a result of the Transaction, RISE will change its
corporate name to "NaaS Technology Inc." and its ticker to "NAAS."
The number of the Company's shares represented by each American
Depositary Share ("ADS") will also be changed from two (2) shares
per ADS to ten (10) shares per ADS (the "Ratio Change"), which will
have the same effect as a one-for-five reverse split on the
existing ADSs. The CUSIP of the Company's ADSs will be changed to
62955X102. The ISIN of the Company's ADSs will be changed to
US62955X1028. All of the aforementioned changes will be effective
prior to 4:00 A.M. (Eastern Daylight
Time) on June 13,
2022.
The ADSs of the Company are expected to start trading
under the new name and ticker at 4:00 A.M.
(Eastern Daylight Time) on June 13,
2022.
Safe Harbor Statement
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 RISE and the industry. All
information provided in this press release is as of the date
hereof, and RISE 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 RISE 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.
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SOURCE RISE Education Cayman Ltd