Visionary Education Technology Holdings Group Inc. Announces Pricing of US$17 Million Firm Commitment Initial Public Offering
17 May 2022 - 7:33AM
Visionary Education Technology Holdings Group Inc. (the “Company”),
a private education provider located in Canada that offers
high-quality education resources to students around the globe,
today announced the pricing of its initial public offering (the
“Offering”) of 4,250,000 common shares at a public offering price
of US$4.00 per common share. The common shares have been approved
for listing on the Nasdaq Capital Market and are expected to
commence trading on May 17, 2022 under the ticker symbol “VEDU.”
The Company expects to receive aggregate gross
proceeds of US$17 million from the Offering, before deducting
underwriting discounts and other related expenses. In addition, the
Company has granted the underwriters a 45-day option to purchase up
to an additional 637,500 common shares at the public offering
price, less underwriting discounts and commissions. The Offering is
expected to close on or about May 19, 2022, subject to the
satisfaction of customary closing conditions.
Proceeds from the Offering will be used for
Public Private Partnership (“PPP”) projects, course development of
Max the Mutt College of Animation, Art and Design (“MTM”) and
program partnerships with other universities, vocational education,
development of global market and distribution channels, staff
development and general corporate purposes, including working
capital and operating expenses.
The Offering is being conducted on a firm
commitment basis. Joseph Stone Capital, LLC is acting as the
representative of the underwriters and the lead underwriter for the
Offering. McLaughlin & Stern, LLP is acting as counsel to the
Company, and Carmel, Milazzo & Feil LLP is acting as counsel to
the representative of the underwriters in connection with the
Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the U.S. Securities and Exchange
Commission (“SEC”) (File Number: 333-263290) and was declared
effective by the SEC on May 16, 2022. The Offering is being made
only by means of a prospectus, forming a part of the registration
statement. Copies of the prospectus relating to the Offering may be
obtained from Joseph Stone Capital, LLC, by email
at ccao@josephstonecapital.com, by calling +1 516.267.7001, or
by standard mail to Joseph Stone Capital, LLC 29 Broadway #1800,
New York, NY 10006. In addition, copies of the prospectus relating
to the Offering may be obtained via the SEC's website at
www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more information about the Company and the
Offering. This press release does not constitute an offer to sell,
or the solicitation of an offer to buy any of the Company’s
securities, nor shall there be any offer, solicitation or sale of
any of the Company’s securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
About Visionary
Education Technology Holdings Group Inc.
Visionary Education Technology Holdings Group
Inc., headquartered in Markham, Canada, is a private education
provider located in Canada that offers high-quality education
resources to students around the globe. The Company aims to provide
access to secondary, college, undergraduate and graduate and
vocational education to students in Canada through technological
innovation so that more people can learn, grow and succeed to their
full potential. As a fully integrated provider of educational
programs and services in Canada, the Company has been serving and
will continue to serve both Canadian and international students.
For more information, visit the Company’s website at
https://ir.visiongroupca.com.
Forward-Looking Statements
All statements other than statements of
historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's proposed
Offering. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs, including the
expectation that the Offering will be successfully completed.
Investors can identify these forward-looking statements by words or
phrases such as “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “would,” “continue,” “should,” “may,” or
similar expressions. The Company undertakes no obligation to update
or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and in its other filings with the SEC.
For more information, please
contact:
Visionary Education Technology Holdings
Group Inc.Investor Relations DepartmentEmail:
ir@farvision.ca
Ascent Investors Relations LLCTina
XiaoPresidentPhone: +1 917-609-0333Email:
tina.xiao@ascent-ir.com
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