SHANGHAI, June 10,
2022 /PRNewswire/ -- Four Seasons Education (Cayman)
Inc. ("Four Seasons Education" or the "Company") (NYSE: FEDU),
today announced that it will change the ratio of its American
depositary shares ("ADSs") representing its ordinary shares from
two (2) ADSs representing one (1) ordinary share to one (1) ADS
representing ten (10) ordinary shares.
For Four Seasons Education's ADS holders, the change in the ADS
ratio will have the same effect as a one-for-twenty reverse ADS
split. There will be no change to the Company's underlying ordinary
shares, and no ordinary shares will be issued or cancelled in
connection with the change in ADS ratio. The Company will file a
post-effective amendment to its registration statement on Form F-6
with the United States Securities and Exchange Commission ("SEC")
to reflect the change in the ADS ratio. The effect of the ratio
change on the Company's ADS trading price on the New York Stock
Exchange (the "NYSE") is expected to take place on or about
June 21, 2022 (U.S. Eastern
Time).
Each ADS holder of record at the close of business on the date
when the change in the ADS ratio is effective will be required to
surrender their ADSs to the Company's depositary bank, Deutsche
Bank Trust Company Americas, for cancellation and exchange in the
ratio of every twenty (20) existing ADSs for one (1) new ADS. Four
Seasons Education's ADSs will continue to be traded on the NYSE
under the symbol "FEDU".
No fractional new ADSs will be issued in connection with the
change in the ADS ratio. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the depositary bank and the net
cash proceeds from the sale of the fractional ADS entitlements
(after deduction of fees, taxes and expenses) will be distributed
to the applicable ADS holders by the depositary bank.
The purpose of the ADS ratio change is to increase the Company's
ADS trading price to be in compliance with the NYSE's trading price
requirements. As a result of the change in the ADS ratio, the ADS
trading price is expected to increase proportionally, although the
Company can give no assurance that the ADS trading price after the
change in the ADS ratio will be equal to or greater than twenty
times the ADS trading price before the change or that the Company
will be able to satisfy the NYSE's trading price or other continued
listing requirements.
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract new students
and improve students' comprehensive performance, PRC regulations
and policies relating to the education industry in China, general economic conditions in
China, and the Company's ability
to meet the standards necessary to maintain listing of its ADSs on
the NYSE or other stock exchanges, including its ability to cure
any non-compliance with the NYSE's continued listing criteria. All
information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual reports on Form 20-F.
About Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a leading Shanghai-based education company dedicated to
providing comprehensive educational services. The Company's vision
is to unlock students' intellectual potential through high quality
and effective education that can profoundly benefit students. The
Company's proprietary educational service offerings are designed to
cultivate students' interests and enhance their cognitive and
logical thinking abilities. The Company's faculty is led by a group
of experienced senior educators, including recognized scholars and
award-winning teachers. Over the years, the quality of the
Company's educational services has been demonstrated by its student
outstanding performance.
For more information, please visit http://ir.sijiedu.com.
For investor and media inquiries, please contact:
In China:
Four Seasons Education (Cayman) Inc.
Olivia Li
Tel: +86 (21) 6317-6678
E-mail: IR@fsesa.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: fourseasons@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: fourseasons@tpg-ir.com
View original
content:https://www.prnewswire.com/news-releases/four-seasons-education-announces-change-to-american-depositary-share-ratio-301565664.html
SOURCE Four Seasons Education Inc.