BEIJING, Oct. 20,
2023 /PRNewswire/ -- Gravitas Education Holdings,
Inc. (NYSE: GEHI) ("GEHI" or the "Company"), a leading early
childhood education service provider in China, today announced that it plans to change
the ratio of its American Depositary Shares ("ADS(s)") to its Class
A ordinary shares ("Share(s)") from one (1) ADS representing twenty
(20) Shares to one (1) ADS representing ten (10) Shares (the "ADS
Ratio Change"). The Company anticipates that the ADS Ratio Change
will be effective on or about October 31,
2023 (the "Effective Date").
For the Company's ADS holders, the change in the ADS ratio will
have the same effect as a one-for-two forward ADS split, with
registered holders of the Company's ADSs held via the Direct
Registration System or in the Depository Trust Company as of
October 30, 2023, receiving, on the
Effective Date, one additional ADS for each ADS held. Citibank,
N.A., the depositary bank of the Company's ADS program, will
arrange for the distribution of additional ADSs issuable pursuant
to the ADS Ratio Change to registered holders of the Company's
ADSs. The Company's ADS holders need not take any action with
regards to the ADS Ratio Change. The Company's ADSs will continue
to be traded on the NYSE under the symbol "GEHI." The ADS Ratio
Change will have no impact on the Company's underlying ordinary
shares, and no ordinary shares will be issued or cancelled in
connection with the ADS Ratio Change.
The Company previously announced that the Company's board of
directors approved a special cash dividend in the amount arranging
from US$11.256 to US$12.17 per ADS, or from US$0.5628 to US$0.6085 per Share. As a result of the ADS Ratio
Change, the dividend to be distributed per ADS will also change
accordingly on a pro rata basis.
About Gravitas Education Holdings, Inc.
Founded on the core values of "Care" and "Responsibility,"
"Inspire" and "Innovate," Gravitas Education Holdings, Inc.
(formerly known as RYB Education, Inc.) is a leading early
childhood education service provider in China. Since opening
its first play-and-learn center in 1998, the Company has grown and
flourished with the mission to provide high-quality, individualized
and age-appropriate care and education to nurture and inspire each
child for his or her betterment in life. During its two
decades of operating history, the Company has built itself into a
well-recognized education brand and helped bring about many new
educational practices in China's
early childhood education industry. GEHI's comprehensive
early childhood education solutions meet the needs of children from
infancy to 6 years old through structured courses at kindergartens
and play-and-learn centers, as well as at-home educational products
and services.
Safe Harbor Statement
This announcement contains forward-looking statements.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks
and uncertainties. A number of factors could cause actual
results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's brand recognition and market reputation;
student enrollment in the Company's teaching facilities; the
Company's growth strategies; its future business development,
results of operations and financial condition; trends and
competition in China's early childhood education market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese early childhood education market;
Chinese governmental policies relating to the Company's industry
and general economic conditions in China. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in
this press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
CONTACT: Gravitas Education Holdings, Inc., Investor
Relations, E-mail: ir@geh.com.cn
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SOURCE Gravitas Education Holdings Inc.
