NetDragon Websoft

Gravitas Education Updates Record Date of Special Cash Dividend

Retrieved on: 
Friday, November 3, 2023
Online, HKEX, NYSE, Tripura Merger Agreement, Cayman Islands, NetDragon Websoft, Date, ADS, The Company, Holding company, Security (finance), PRC, Mergers and acquisitions

The Company expects the date of the Closing to be on or after November 15, 2023, subject to the satisfaction of certain closing conditions and regulatory approval related to the Merger (as defined below).

Key Points: 
  • The Company expects the date of the Closing to be on or after November 15, 2023, subject to the satisfaction of certain closing conditions and regulatory approval related to the Merger (as defined below).
  • The special cash dividend to be paid ranges from US$5.628 to US$6.085 per ADS, or from US$0.5628 to US$0.6085 per ordinary share.
  • The aggregate amount of cash dividends to be paid ranges from US$16 million to US$17.3 million.
  • The Company subsequently announced on September 21, 2023 that its board of directors approved the special cash dividend conditional upon the closing of the Merger (the "Closing") and that the special cash dividend will be paid by the Company on or before the 21st day after the date of the Closing to shareholders of record at the close of business in the Cayman Islands and holders of ADSs at the close of business in New York on the date immediately prior to the date of Closing (the "Record Date").

Gravitas Education Holdings, Inc. Announces Extension of the Outside Date of the Merger

Retrieved on: 
Wednesday, October 18, 2023
Online, HKEX, NYSE, NetDragon Websoft, Sale, Tripura Merger Agreement, Closing, British Virgin Islands, Sub, Virgin Islands, Financial services, PRC, Mergers and acquisitions

BEIJING, Oct. 18, 2023 /PRNewswire/ -- Gravitas Education Holdings, Inc. (NYSE: GEHI) ("GEHI" or the "Company"), a leading early childhood education service provider in China, today announced that the Company entered into an omnibus amendment and waiver (the "Amendment Agreement") to extend the outside date of the closing (the "Closing") of the Merger (as defined below) to January 18, 2024 considering the extra time that may be needed for the parties to complete the Merger.

Key Points: 
  • BEIJING, Oct. 18, 2023 /PRNewswire/ -- Gravitas Education Holdings, Inc. (NYSE: GEHI) ("GEHI" or the "Company"), a leading early childhood education service provider in China, today announced that the Company entered into an omnibus amendment and waiver (the "Amendment Agreement") to extend the outside date of the closing (the "Closing") of the Merger (as defined below) to January 18, 2024 considering the extra time that may be needed for the parties to complete the Merger.
  • As previously announced, the Company, Bright Sunlight Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of the Company (the "Merger Sub"), Best Assistant Education Online Limited, a Cayman Islands exempted company ("Best Assistant") and a controlled subsidiary of NetDragon Websoft Holdings Limited (HKEX: 0777, "NetDragon"), a Cayman Islands exempted company, and solely for purposes of certain named sections thereof, NetDragon entered into the agreement and plan of merger (the "Merger Agreement") on April 18, 2023, which contemplates that Best Assistant will transfer the education business of NetDragon outside of the PRC to Elmtree Inc., a Cayman Islands exempted company limited by shares wholly owned by Best Assistant ("eLMTree"), and Merger Sub will merge with and into eLMTree with eLMTree continuing as the surviving company and becoming a wholly owned subsidiary of the Company (the "Merger").
  • eLMTree has executed and delivered a joinder to the Merger Agreement on August 18, 2023.
  • Pursuant to the Amendment Agreement, the parties also agreed to change the composition of the board of the Company immediately after the effective time of the Merger, to adjust the number of shares of the Company to be sold by certain existing shareholders of the Company pursuant to a share purchase agreement dated April 18, 2023, to NetDragon Websoft Inc., a company incorporated in the British Virgin Islands and a wholly-owned subsidiary of NetDragon (the "Secondary Sale"), to waive certain condition precedent to the closing of the Secondary Sale and the closing of the divestiture of the Company's education business in China to Rainbow Companion, Inc., and on certain additional logistical matters related to the Closing.

Gravitas Education Holdings Inc. Announces Special Cash Dividend in the Range of US$11.256 to US$12.17 per American Depositary Share and Reports Status of Merger

Retrieved on: 
Thursday, September 21, 2023
Online, Date, Tripura Merger Agreement, ADS, NetDragon Websoft, Cayman Islands, HKEX, The Company, CFIUS, Annex, Completion, NYSE, Holding company, Closing, PRC, Mergers and acquisitions

The aggregate amount of cash dividends to be paid ranges from US$16 million to US$17.3 million, which will be funded by cash on the Company's balance sheet.

Key Points: 
  • The aggregate amount of cash dividends to be paid ranges from US$16 million to US$17.3 million, which will be funded by cash on the Company's balance sheet.
  • The payment of the special dividend is conditional upon the Closing (as defined below), and the exact amount of such special dividend is to be determined and separately announced.
  • ADSs will trade with an entitlement to the cash dividend until the ex-dividend date is established by the New York Stock Exchange ("NYSE").
  • The said press release will be issued at least 10 days prior to the Record Date in compliance with applicable listing rules.

Gravitas Education Holdings Inc. Announces Results of the Extraordinary General Meeting on September 11, 2023

Retrieved on: 
Monday, September 11, 2023
Online, Freak, Equity value, Tripura Merger Agreement, Common stock, NetDragon Websoft, EGM, Variation, HKEX, Effectiveness, Name, Companies Act, NYSE, Proxy, Security (finance), Financial services, PRC, Mergers and acquisitions

BEIJING, Sept. 11, 2023 /PRNewswire/ -- Gravitas Education Holdings Inc. ("GEHI" or the "Company") (NYSE: GEHI), a leading early childhood education service provider in China, today announced the results of the Company's extraordinary general meeting of shareholders (the "EGM") held in Beijing today.

Key Points: 
  • BEIJING, Sept. 11, 2023 /PRNewswire/ -- Gravitas Education Holdings Inc. ("GEHI" or the "Company") (NYSE: GEHI), a leading early childhood education service provider in China, today announced the results of the Company's extraordinary general meeting of shareholders (the "EGM") held in Beijing today.
  • Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes.
  • These shares represented approximately 92.7% of the total outstanding votes represented by the Company's total Class A ordinary shares and Class B ordinary shares outstanding as of the record date on August 7, 2023.
  • As of the date hereof, Best Assistant has formed eLMTree and eLMTree has executed and delivered a joinder to the Merger Agreement.

Gravitas Education Holdings, Inc. Reports First Half 2023 Financial Results

Retrieved on: 
Friday, September 8, 2023
Online, Cayman, Tripura Merger Agreement, ADS, Tax, Divestment, NetDragon Websoft, GAAP, Securities and Exchange Commission of Pakistan, Mergers and acquisitions, Student, HKEX, The Company, EBITDA, Depreciation, Security (finance), Form 6-K, NYSE, Tutoring, Financial services, Video game, Cryptocurrency, Holding company, Beauty salon, Birth control, Bank, Bookkeeping, PRC

BEIJING, Sept. 8, 2023 /PRNewswire/ -- Gravitas Education Holdings, Inc. ("GEHI" or the "Company") (NYSE: GEHI), a leading early childhood education service provider in China and Singapore, today announced its unaudited financial results for the first half of 2023.

Key Points: 
  • BEIJING, Sept. 8, 2023 /PRNewswire/ -- Gravitas Education Holdings, Inc. ("GEHI" or the "Company") (NYSE: GEHI), a leading early childhood education service provider in China and Singapore, today announced its unaudited financial results for the first half of 2023.
  • As the Merger has not closed, the financial information of eLMTree is not included in the Company's financial results for the first six months of 2023.
  • See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release.
  • See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release.

NetDragon Announces 2023 Interim Financial Results, Gaming Recovery on Track with Record High Revenue

Retrieved on: 
Wednesday, August 30, 2023
Online, National Center for the Middle Market, Learning, ASP, Partnership, MAU, SG, Quileute, Marketing, Bank statement, APA, NCET, MMORPG, NetDragon Websoft, Research, IP, Educational technology, Mobile, Ministry, LX, IPS, MOBA, Student, Acquisition, PPT, Webcast, United Kingdom, Depreciation, Growth, Yoy, AI, NPC, Ecosystem, Asset, NYSE, Mobile phone, Textile, Video game, Renewable energy, Promethean, Eudaemon (mythology), Education

The trend of such recovery is evident from the fact that we achieved consecutive quarterly gaming revenue growth from Q3 2022 to Q2 2023.

Key Points: 
  • The trend of such recovery is evident from the fact that we achieved consecutive quarterly gaming revenue growth from Q3 2022 to Q2 2023.
  • In the overseas segment, we achieved 4% YoY revenue growth during the period, compared to the negative market growth of 9%[7].
  • Revenue from PC games amounted to RMB1.6 billion, accounting for 84% of total gaming revenue with an 8% YoY growth.
  • Mobile game revenue reached RMB312 million, accounting for 16% of total gaming revenue and registering a 7% YoY growth.

GEHI to Hold Extraordinary General Meeting of Shareholders on September 11, 2023

Retrieved on: 
Monday, July 31, 2023
Online, Agreement, Exercise, Plan, Cayman, Tripura Merger Agreement, ADS, NetDragon Websoft, EGM, Electric Bond and Share Company v. Securities and Exchange Commission, Sale, Name, Prospectus, Republic, HKEX, Citibank, NYSE, Proxy, Holding company, Security (finance), PRC, Mergers and acquisitions

BEIJING, July 31, 2023 /PRNewswire/ -- Gravitas Education Holdings, Inc. ("GEHI" or the "Company") (NYSE: GEHI), a leading early childhood education service provider in China, today announced that it will hold an extraordinary general meeting of shareholders (the "EGM") at 3/F, No.

Key Points: 
  • BEIJING, July 31, 2023 /PRNewswire/ -- Gravitas Education Holdings, Inc. ("GEHI" or the "Company") (NYSE: GEHI), a leading early childhood education service provider in China, today announced that it will hold an extraordinary general meeting of shareholders (the "EGM") at 3/F, No.
  • These documents are also available in the "Financial Information" section of the Company's investor relations website at https://ir.geh.com.cn/ .
  • In addition, the proxy materials (including the proxy statement) will be mailed to the Company's shareholders and holders of ADSs.
  • No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Neopets Unveils New Leadership Team and Roadmap for Brand Revival

Retrieved on: 
Monday, July 17, 2023
JumpStart Games, NetDragon Websoft, JumpStart, LOS, Motion, Quality of life, News, Cryptocurrency, Neopets

The brand will be spearheaded by Dominic Law, who previously worked with the brand under the ownership of NetDragon Websoft.

Key Points: 
  • The brand will be spearheaded by Dominic Law, who previously worked with the brand under the ownership of NetDragon Websoft.
  • During his tenure at NetDragon, Dominic worked diligently to advocate for increased focus on the development of Neopets.
  • Neopets has a massive and loyal fanbase that spans generations, and the new leadership team is dedicated to ensuring that the game remains relevant and exciting for years to come.
  • To stay up-to-date on the latest news from the brand, please visit Neopets.com and watch our announcement video .

NetDragon Included in the First "The Sustainability Yearbook (China Edition)" by S&P Global

Retrieved on: 
Thursday, June 29, 2023
Social responsibility, Interactive media, Yearbook, ESG, S&P Global, NetDragon Websoft, Sustainability, Research, Internet, Ameritech Interactive Media Services, Home entertainment, Film industry

S&P Global has been publishing the global edition of "The Sustainability Yearbook" for 16 consecutive years, garnering extensive recognition from global stakeholders.

Key Points: 
  • S&P Global has been publishing the global edition of "The Sustainability Yearbook" for 16 consecutive years, garnering extensive recognition from global stakeholders.
  • The inaugural "The Sustainability Yearbook (China Edition)" was released by S&P Global this year with the aim of identifying and recognizing Chinese corporations that demonstrate sustainability advantages in their respective industries.
  • NetDragon proudly joins such exclusive group of 88 selected corporations featured in this first edition of the yearbook.
  • The Company notably achieved a ESG score of 40, positioning itself in the top 7% within the Interactive Media, Services, and Home Entertainment industry evaluated by S&P Global.

NetDragon's Promethean Launched ActivPanel LX to Expand its Interactive Display and Deliver Transformative Technology

Retrieved on: 
Thursday, May 4, 2023
Chrome, EVP, Student, Longevity, NetDragon Websoft, Internet, Software, Tutoring, Promethean

With this latest offering, Promethean is well positioned to meet the needs of a growing segment of the education technology market.

Key Points: 
  • With this latest offering, Promethean is well positioned to meet the needs of a growing segment of the education technology market.
  • Moreover, IT staff can use their existing security protocols and authentication methods and won't have to perform any security updates.
  • "We're excited to offer the ActivPanel LX to customers who place affordability, simplicity, and versatility at the top of their list of requirements."
  • "Every district, school, and classroom deserve to have access to interactive displays, no matter their geographic location, student demographics, or budget," said Matt Cole, EVP global sales at Promethean.