Welcome to our dedicated page for EdtechX Holdings Acquisition Co news (Ticker: EDTX), a resource for investors and traders seeking the latest updates and insights on EdtechX Holdings Acquisition Co stock.
EdtechX Holdings Acquisition Corp. II (EDTX) is a London-based company founded in 2020 with the primary objective of executing mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses or entities. By focusing on educational technology, EdtechX aims to foster innovation and growth within this dynamic sector.
Recently, EdtechX announced the commencement of the liquidation process for its trust account, which was set up during the company's initial public offering. In alignment with the amended and restated certificate of incorporation, the company is redeeming its Class A ordinary shares at approximately $10.34 per share. This strategic move signals EdtechX's dedication to adhering to its foundational governance and financial commitments.
EdtechX's core business revolves around identifying and merging with promising entities in the edtech space, facilitating their growth and market presence. Over the years, the company has established itself as a significant player in the education technology sector by leveraging strategic partnerships and innovative business models.
With a focus on creating long-term value for shareholders and stakeholders, EdtechX continues to explore new opportunities and partnerships that align with its mission of driving technological advancements in education. The company's robust financial condition and strategic initiatives make it a noteworthy entity within the stock market.
EdtechX Holdings Acquisition Corp. II (NASDAQ: EDTX) announced it received a notification from the NASDAQ Listing Qualifications Department on March 8, 2023, regarding non-compliance with Listing Rule 5250(c)(1). The company failed to submit its Quarterly Report on Form 10-Q for the fiscal quarter ending December 31, 2022. EdtechX has until May 8, 2023, to submit a compliance plan, which could allow for an extension until August 14, 2023. The company is actively working to complete the Form 10-Q but faces risks of potential delisting if compliance is not achieved. This notification does not currently affect the listing status of its securities.
EdtechX Holdings Acquisition Corp. II has announced a merger with zSpace, Inc., a leader in AR and VR technology for education, to create a publicly traded entity named zSpace Technologies, Inc.. The merger implies a pro forma enterprise value of $195 million, with $117 million in cash available for growth initiatives. zSpace serves over one million students annually, leveraging significant market potential in the educational AR/VR sector, projected to reach $12.6 billion by 2025. The merger is expected to close in Q4 2022, subject to regulatory approvals.
EdtechX Holdings Acquisition Corp. II (NASDAQ: EDTX) faced a compliance issue with NASDAQ due to the failure to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021. The company received a notice on May 26, 2021, allowing until July 26, 2021, to submit a compliance plan. The delay arises from the increased demand for third-party accountants following an SEC statement on SPAC warrant accounting. Although there is no immediate impact on its listing, the company cannot guarantee compliance.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) announced a 5% price increase on its English language training products due to the COVID-19 impact. This adjustment is projected to generate an additional RMB80 million in gross billings and boost net profit by approximately RMB60 million, with a 50% increase in earnings per share anticipated for 2021. The company is also expanding its high-end SVIP courses, priced at RMB200,000 per student annually, across over 20 cities. As of September 30, 2020, Meten had 123 learning centers, reinforcing its competitive position in China's ELT market.
Meten EdtechX Education Group Ltd. (METX) has filed a Tender Offer with the SEC to reduce the exercise price of its Warrants to $1.40 per share, effective until January 5, 2021. There is a 65% minimum participation requirement for this Offer; if met, the exercise price could be further reduced to $2.50. This initiative aims to encourage Warrant holders to exercise their options, providing additional capital for acquisitions and operations. Chardan Capital Markets acted as financial advisor, and details on the Offer are available on the SEC's website.
Meten EdtechX Education Group Ltd. reported Q3 2020 revenue of RMB 297.7 million, down 29.6% YoY but up 57.3% QoQ, reflecting improved trading conditions. For 9M 2020, revenue declined by 38.9% YoY to RMB 668.6 million. Net loss narrowed to RMB 39.7 million from RMB 93.4 million in Q2 2020. Cost reductions led to a 13.4% decrease in revenue costs. Online ELT revenue rose by 7% YoY and junior ELT surged 69% from Q2. The company aims for 2021 gross billings of RMB 1.5-1.6 billion, targeting profitable growth as market conditions stabilize.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) announced board approval for key initiatives, including a 15% acquisition of Likeshuo Education shares by management and a 5% reservation for future incentives. The total valuation of Likeshuo online business is approximately RMB301.2 million. Post-transaction, Meten will hold an 80% indirect interest in Likeshuo. Additionally, the company expanded its option pool under its 2020 Share Incentive Plan from 1% to 3.5% of total shares annually, enhancing employee incentives.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) reports early signs of post-pandemic recovery, projecting Q3 2020 revenues at approximately RMB300 million, a 60% increase from Q2 2020 but down 29% year-over-year. Junior English language training (ELT) segments have seen an 89% increase in gross billings. Cost optimization measures are expected to yield RMB180 million in annual savings. For FY 2021, the company targets revenues between RMB1.5-1.6 billion and aims for RMB200 million in EBITDA and RMB120 million in net profit, assuming stable pandemic conditions.
Meten EdtechX Education Group Ltd. (NASDAQ: METX) announced that its online English language training platform, Likeshuo, achieved RMB8.83 million in gross billings during the recent Singles' Day promotion from November 1 to 11, 2020, marking three consecutive years at the top of language training sales on Tmall.com. Despite the challenges posed by COVID-19, Likeshuo reported a year-on-year growth of over 30% in gross billings for the first three quarters of 2020, driven by strong brand awareness and high-quality teaching services.
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