CUPERTINO, Calif., Jan. 29,
2024 /PRNewswire/ -- Ambow Education Holding Ltd.
(NYSE American: AMBO) ("Ambow" or the "Company"), an AI
technology-driven educational company, today announced its plan to
change the ratio of its American depositary shares ("ADSs") to its
Class A ordinary shares from one (1) ADS, representing two (2)
Class A ordinary shares, to one (1) ADS representing twenty (20)
Class A ordinary shares (the "ADS Ratio Change"). The ADS Ratio
Change is expected to become effective on or about February 20, 2024, U.S. Eastern Time (the
"Effective Date").
The ADS Ratio Change will have the same effect as a one-for-10
reverse ADS split for ADS holders. The ADS Ratio Change will have
no impact on the Company's underlying Class A ordinary shares, and
no Class A ordinary shares will be issued or canceled in connection
with the ADS Ratio Change. On the Effective Date, holders of the
ADSs will be required to surrender and exchange every ten (10)
then-held ADSs for one (1) new ADS. Holders of ADSs in the Direct
Registration System ("DRS") and in The Depository Trust Company
("DTC") will have their ADSs automatically exchanged and need not
take any action. Citibank, N.A., as the depositary bank for the
Company's ADS program (the "Depositary"), will arrange for the
exchange.
No fractional new ADSs will be issued in connection with the ADS
Ratio Change. Instead, fractional entitlements to new ADSs will be
aggregated and sold by the Depositary, and the net cash proceeds
from the sale of the fractional ADS entitlements (after deduction
of fees, taxes and expenses) will be distributed to the applicable
ADS holders by the Depositary.
The ADSs will continue to be traded on NYSE American under the
symbol "AMBO." The Company expects this ratio change will restore
the Company's compliance with the NYSE American's continued listing
standards, as set forth by the NYSE and disclosed by Ambow on
October 10, 2023. As a result of the
ADS Ratio Change, the ADS price is expected to increase
proportionally. The Company can give no assurance that the ADS
price after the ADS Ratio Change will be proportionally equal to or
greater than the previous ADS price prior to the change.
About Ambow
Ambow Education Holding Ltd. is a U.S.-based, AI
technology-driven educational company. Its mission is to empower
educators, students, higher learning institutions and organizations
with advanced technology designed explicitly for the education
industry. Through HybriU, Ambow's dynamic patented open-platform
technology that facilitates hybrid learning, and its for-profit
college, New School of Architecture &
Design based in San Diego,
California, Ambow offers high-quality, individualized, and
dynamic career education services and products. For more
information, visit Ambow's corporate website at
https://www.ambow.com/.
Follow us on Twitter: @Ambow_Education
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 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
The Piacente Group | Investor Relations
Tel: +1-212-481-2050
E-mail: ambow@tpg-ir.com
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SOURCE Ambow Education Holding Ltd.