Meten EdtechX Education Group Ltd. Announces Share Repurchase Program
September 17 2020 - 8:00AM
Meten EdtechX Education Group Ltd. (NASDAQ: METX) (“Meten EdtechX”,
or the “Company”), a leading English language training (“ELT”)
service provider in China, today announced that its board of
directors (the “Board”) has approved a share repurchase program
effective October 1, 2020 (the “Share Repurchase Program”).
Under the Share Repurchase Program, Meten
EdtechX is authorized to repurchase up to US$2 million worth of its
issued and outstanding ordinary shares (“ordinary shares”) from
time to time through open-market transactions. The repurchases will
be made at prevailing market prices, in negotiated transactions off
the market, in block trades, pursuant to a 10b5-1 plan (which if
adopted, will allow Meten EdtechX to repurchase its ordinary shares
during periods in which it may be in possession of material
non-public information) or otherwise.
The purchases will be made subject to
restrictions relating to volume, price and timing. The timing and
extent of any purchases will depend upon market conditions, the
trading price of its ordinary shares and other factors. The Company
expects to implement the Share Repurchase Program over the next
three years, in a manner consistent with market conditions and the
interest of its shareholders.
The Board will review the Share Repurchase
Program periodically, and may authorize adjustment of its terms and
size accordingly. The Share Repurchase Program may be suspended or
discontinued at any time.
For investor and media enquiries, please
contact:
Meten EdtechX Stanley Yang +86
1851-8513-075stanley_yts@meten.com
Citigate Dewe RogersonSandra Novakov / Christen
Thomson / Eleni Menikou / Lucy Eyles+44 (0)20 7638
9571meten@citigatedewerogerson.com
About Meten EdtechX
Meten EdtechX is a leading ELT service provider
in China, delivering English language and future skills
training for Chinese students and professionals. Through a
sophisticated digital platform and nationwide network of learning
centers, the Company provides its services under three
industry-leading brands: Meten (adult and junior ELT
services), ABC (primarily junior ELT services) and
Likeshuo (online ELT). It offers superior teaching quality and
student satisfaction, which are underpinned by cutting edge
technology deployed across its business, including AI-driven
centralized teaching and management systems that record and analyze
learning processes in real time.
The Company is committed to improving the
overall English language competence and competitiveness of the
Chinese population to keep abreast of the rapid development of
globalization. Its experienced management is focused on further
developing its digital platform and expanding its network of
learning centers to deliver a continually evolving service
offerings to a growing number of students across China.
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” and similar statements.
The Company may also make written or oral forward-looking
statements in its reports filed or furnished to the U.S. Securities
and Exchange Commission, in its annual reports to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
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: our ability
to continue to hire, train and retain qualified teachers; our
ability to maintain and enhance our “Meten” brand; our ability to
effectively and efficiently manage the expansion of our school
network and successfully execute our growth strategy; the outcome
of ongoing, or any future, litigation or arbitration, including
those relating to copyright and other intellectual property rights;
competition in the English language training sector in China;
changes in our revenues and certain cost or expense items as a
percentage of our revenues; the expected growth of the Chinese
English language training and private education market; Chinese
governmental policies relating to private educational services and
providers of such services; health epidemics and other outbreaks in
China; and general economic conditions in China. Further
information regarding these and other risks is included in our
annual report on Form 20-F and other documents filed or
furnished to the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
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 duty to update such information, except as
required under applicable law.
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