Hong Kong, July 19, 2024 (GLOBE NEWSWIRE) -- Meta Data Limited ("Meta Data" or the "Company") (NYSE: AIU) today announced that it plans to change the ratio of its American depositary shares ("ADSs"), which currently is one (1) ADS representing two (2) Class A ordinary shares. The new ratio is expected to be one (1) ADS representing ten (10) Class A ordinary shares.
There will be no change to the Company's Class A ordinary shares. The effect of the ratio change on the ADS trading price on the New York Stock Exchange (the "NYSE") is expected to take place at the open of trading on July 29, 2024 (U.S. Eastern Time). ADS holders of record on the effective date will need to surrender their ADS to the depositary bank for cancellation and exchange in connection with the ADS ratio change, with further details to be provided in the notice by the depositary bank. As of the effective date for the ADS ratio change. the Company's ADSs will continue to be traded on the NYSE under the symbol "AIU".
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.
As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than the ADS price on a proportionate basis.
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. Meta Data 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 Meta Data'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 Meta Data does not undertake any obligation to update such information, except as required under applicable law.
About Meta Data
Founded in 2008 and headquartered in Hong Kong, Meta Data (formerly known as OneSmart International Education Group Limited) is a holding company, which engages in the provision of artificial intelligent education and artificial intelligent universe IAAS services. It operates through the following subsidiaries: Metaverse Information Technology Limited in Hong Kong and Metaverse Digital Technology Co., Limited in Wyoming, United States. For more information, visit www.aiumeta.com.
For more information, please contact:
Meta Data
Chee Jiong Ng
E-mail: ir@aiumeta.com
