RISE Education Announces Closing of the Sale of Rise (Tianjin) Education Information Consulting Co., Ltd., RISE Education International Limited and Rise IP (Cayman) Limited
BEIJING, Dec. 30, 2021 /PRNewswire/ — Rise Education and learning Cayman Ltd (“Rise” or the “Firm”) (NASDAQ: REDU), right now announced that it has shut its earlier announced sale (the “Sale”), in which, the Enterprise has bought (i) all of the equity passions in Rise (Tianjin) Instruction Facts Consulting Co., Ltd. to Wuhan Xinsili Culture Improvement Co., Ltd. on December 28, 2021 and (ii) all of the equity pursuits in Increase Instruction International Restricted and Increase IP (Cayman) Minimal to Bain Cash Rise Education IV Cayman Restricted on December 30, 2021. On completion of the Sale, the Company has, by its subsidiaries, sold considerably all of its assets.
In relationship with the Sale, on December 30, 2021, the settlement (“Settlement”) with the loan providers (“Creditors”) of the facilities agreement dated March 18, 2021 relating to the phrase and revolving services of up to an mixture total of US$80,000,000 has also been done. As part of the Settlement, all desire in the Edge business enterprise that delivers admission consulting, academic tutoring and test planning services in Hong Kong and Singapore for learners who intend to research overseas has been transferred to a individual nominated by the Loan companies.
For further details of the Sale and the Settlement, you should evaluation the Kind 6-K furnished by the Corporation to the SEC on December 1, 2021.
Risk-free Harbor Assertion
The Company’s push launch may consist of statements of a ahead-on the lookout nature. These statements are designed below the “harmless harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. You can identify these ahead-searching statements by terminology these types of as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These ahead-hunting statements include known and not known pitfalls and uncertainties and are based on current anticipations, assumptions, estimates and projections about Increase and the market. All details supplied in this press launch is as of the date hereof, and Increase undertakes no obligation to update any ahead-wanting statements to reflect subsequent happening events or instances, or modifications in its expectations, apart from as might be necessary by legislation. Despite the fact that Rise believes that the expectations expressed in these forward-wanting statements are affordable, it cannot assure you that its anticipations will flip out to be correct, and buyers are cautioned that precise effects may possibly vary materially from the predicted effects.
For investor and media inquiries, please get in touch with:
Luna Xing
Rise Education and learning
E-mail: [email protected]
Tel: +86 (10) 8559-9191
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