SHANGHAI, January 14, 2022 (GLOBE NEWSWIRE)–OneSmart International Education Group Limited (“OneSmart” or the “Company”) (NYSE: ONE) today announced that it will change the ratio of American Depository Shares (“ADS”) to a share Class A ordinary shares from one (1) share representing forty (40) Class A ordinary shares to one (1) ordinary share representing one thousand (1,000) Class A ordinary shares.
For OneSmart ad holders, a change in ADS ratio will have the same effect as a reverse ADS split of one for twenty-five. There will be no change to the Company’s Class A common stock. The effect of the ratio change on the trading price of ADS on the New York Stock Exchange (“NYSE”) is expected to occur at the opening of trading on January 24, 2022 (US Eastern Time). ADS record holders on the Effective Date will need to hand over their ADS to the Depositary Bank for cancellation and exchange with respect to the ADS Ratio change, with further details provided in the Notice by the Depositary Bank. The exchange of every twenty-five (25) Advertisements held at that time for one (1) new Advertisement will occur automatically with the cancellation of the then-retained Ads and the issuance of new ADS Ads by the Depositary Bank, in each case as of the effective date of the change of rate correction. OneSmart’s ADS ads will continue to trade on the New York Stock Exchange under the symbol “ONE”.
No new partial announcements will be made regarding the change in ADS percentage. Instead, the partial rights to the new ADSs will be pooled and sold by the custodian bank and the net cash proceeds from the sale of the partial ADS benefits (net of fees, taxes and charges) will be distributed to the ADS holders of the applicable bank.
As a result of the change in the ADS percentage, the price of ADS is expected to rise proportionately, although the Company cannot give any guarantee that the price of ADS after the change in the ADS percentage will be equal to or greater than twenty-five times the price of ADS before the change.
Safe Harbor Statement
This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by terms such as “will,” Expect”, “expect”, “future”, “intend”, “plan”, “believe”, “estimate”, “confident” and similar statements. OneSmart may also make written or oral forward-looking statements in its reports to or submitted to the US Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its employees, directors, or employees of third parties. Any statements that are not historical facts, including statements about OneSmart’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. More information regarding risks, uncertainties, or factors is included in the company’s filings with the US Securities and Exchange Commission. All information in this press release is current as of the date of the press release, and OneSmart undertakes no obligation to update such information, except as required by applicable law.
Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited currently offers one-to-one, non-theme-based tutoring to students in China. Given the “Policy to Further Reduce the Burden of Homework and Off-Campus Tutoring for Compulsory Education Students,” (the “Double Reduction Policy”), which essentially requires the suspension of all subject-based off-campus teaching work targeting preschool children and K12 students, plans to The company to provide online tutoring and tutoring services exclusively for students outside China, set up overseas education and advisory services for students residing within China, and “smart ID card” for the campus, develop and market an intelligent training system that includes virtual reality, artificial intelligence, blockchain and other technologies in order to facilitate Teaching and training process.
For more information, please contact: OneSmart Mr. Steve Zhang Email: firstname.lastname@example.org
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