OneSmart International Education Group Announces Planned Name and Ticker Symbol Change
OneSmart International Education Group Limited announced plans to change its name to Meta Data Limited and its ticker symbol to AIU. This change is subject to shareholder approval during a meeting scheduled for April 28, 2022. If approved, the effective date for these changes will be April 29, 2022. The company continues to adapt to the Double Reduction Policy in China by shifting its focus to online education and tutoring services for students outside of China, alongside developing smart training systems using advanced technologies.
- Shift to online education services targeting students outside of China.
- Development of smart training systems incorporating advanced technologies.
- Name and ticker symbol change could confuse investors.
- Dependency on shareholder approval for business changes.
SHANGHAI, April 26, 2022 (GLOBE NEWSWIRE) -- OneSmart International Education Group Limited ("OneSmart" or the "Company") (NYSE: ONE) today announced that its Board of Directors resolved to change the Company’s (i) name to “Meta Data Limited” (the “Name Change”), subject to shareholder approval being received for the Name Change, and (ii) ticker symbol on the New York Stock Exchange to “AIU” (the “Symbol Change”).
Pursuant to the Company’s Fifth Amended and Restated Memorandum and Articles of Association, the Name Change needs to be adopted by a special resolution at a general meeting of shareholders (the “Shareholder Meeting”). The Shareholder Meeting is scheduled to be held at 10:00 p.m., Beijing Time, on April 28, 2022 at the Company’s headquarters located at 2161 North Zhongshan Road, Putuo District, Shanghai 200333, People’s Republic of China.
If approved at the Shareholder Meeting, the marketplace effective date of the Name Change and Symbol Change shall be April 29, 2022. The Company’s CUSIP will not change in conjunction with the Name Change and Ticker Symbol Change.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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," "confident" and similar statements. OneSmart may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to 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. Further information regarding risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and OneSmart does not undertake any obligation to update such information, except as required under applicable law.
About OneSmart
Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited currently provides non-subject based tutoring to students in China. Given the “Policy to Further Reducing the Burden of Homework and Off-campus Tutoring for Compulsory Education Students,” (the “Double Reduction Policy”), which basically requires suspension of all subject-based off-campus tutoring business targeting pre-school kids and K12 students, the Company plans to provide online education and tutoring services exclusively to students outside of China, overseas education preparation and consulting services to students residing within China, “Smart ID Card” to campuses and develop and market smart training system incorporating virtual reality, artificial intelligence, blockchain and other technologies in order to facilitate the teaching and training process.
For more information, please contact:
OneSmart
Mr. Chee Jiong Ng
E-mail: cj@onesmart.org
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