Wah Fu Education Group Limited - WAFU STOCK NEWS

Wah Fu Education Group (NASDAQ: WAFU) has announced its Annual General Meeting (AGM) scheduled for January 10, 2025, in Beijing. The company plans to implement a significant corporate restructuring by adopting a dual-class share structure. Under this proposal, the company will create Class A shares with 15 votes per share, while ordinary shares will maintain 1 vote each.

The company proposes to increase its authorized shares from 30,000,000 to 600,000,000, divided into 500,000,000 ordinary shares and 100,000,000 Class A shares, both with US$0.01 par value. Additionally, HFGFR Inc.'s 1,488,000 ordinary shares will be redeemed and reissued as Class A shares. Class A shares will automatically convert to ordinary shares if holders collectively own less than 74,400 shares (5% of total Class A shares).

Wah Fu Education Group (NASDAQ: WAFU) issued corrections to its December 2, 2024 press release regarding its upcoming Annual General Meeting. The key corrections relate to the proposed dual-class share structure, where Ordinary Shares will have one vote and Class A Shares will have fifteen votes per share at general meetings.

The company plans to change its authorized shares from 30,000,000 to 600,000,000, divided into 500,000,000 Ordinary Shares and 100,000,000 Class A Shares. A notable correction was made to the automatic conversion threshold of Class A Shares to Ordinary Shares, which was revised from 1,488,000 to 74,400 shares.

Wah Fu Education Group (NASDAQ: WAFU) has announced its Annual General Meeting (AGM) scheduled for December 20, 2024, in Beijing. The company plans to implement a significant structural change by adopting a dual-class share structure. Under this proposal, existing ordinary shares will be re-designated into Ordinary Shares (1 vote each) and Class A Shares (15 votes each). The company will increase its authorized shares from 30,000,000 to 600,000,000, split between 500,000,000 Ordinary Shares and 100,000,000 Class A Shares. Each current share will be divided into 20 Ordinary Shares, with the par value changing from US$0.01 to US$0.0005.

Wah Fu Education Group (NASDAQ: WAFU), a provider of online education and exam preparation services, has announced its entry into educational AI and informatization. The company's subsidiary, Beijing Huaxia Dadi Distance Learning Services Co., , has reached business agreements with four higher vocational colleges in China: Xi'an Railway Vocational & Technical Institute, Guizhou Education University, University of Jinan, and Chengdu Technological University.

Wah Fu aims to leverage its experience in educational technology development to help these colleges improve their informatization of continuing education and enhance their digitalized and intelligent operation and management. The company expects these collaborations to improve profitability and provide valuable experience in the field of educational technology.

Wah Fu Education Group (NASDAQ: WAFU) has announced its entry into educational AI and informatization. The company, known for online education and exam preparation services, has established a new subsidiary through Beijing Huaxia Dadi Distance Learning Services Co., This venture aims to explore smart education, smart psychology, and digital learning using patented technologies and an AI R&D team.

Wah Fu aims to capitalize on China's growing smart education industry, which has a market size of over RMB one trillion (about USD 150 billion). The sector is expected to continue expanding due to rapid development in education informatization, policy support, and high market demand.

Wah Fu Education Group Limited (NASDAQ: WAFU) announced its unaudited financial results for the six months ended September 30, 2022. Revenue declined by 6.1% to $5.45 million, primarily due to a decrease in one course offering. Gross profit fell 18.1% to $2.79 million, with gross margins at 51.1%. Operating income increased 62.4% to $1.12 million, leading to a net income rise of 77.8% to $1.06 million, or $0.19 per share. The company experienced significant cost reductions, with total operating expenses decreasing 38.5% to $1.67 million. Despite these challenges, cash reserves were $10.83 million as of September 30, 2022.

Wah Fu Education Group Limited (NASDAQ: WAFU) announced cooperation agreements to develop online education platforms with Sichuan International Studies University and Dotease Information Technology. The agreements involve creating an Online Course Platform and a Vocational Skills Level Evaluation Examination Training and Examination Platform. The company will handle platform development, maintenance, and education solutions to enhance user experience while cutting operational costs. This collaboration aims to respond to the growing demand for online education and improve the company's standing in the educational technology sector.