Promethean Set to Operate as a Standalone Company with New Merger Agreement
SEATTLE, April 19, 2023 /PRNewswire/ -- Promethean, a leading global education technology company, announced today that its parent company, NetDragon Websoft Holdings Limited, has approved a plan and entered into the related agreements to spin off the Promethean group of entities into a separate company that will subsequently merge with Gravitas Education Holdings, Inc., a public company.
- Following the merger, expected to be completed in Q3, Promethean will benefit from operating as a standalone company separate from NetDragon, listed on the NYSE, with a distinct board and management team of world-class leaders focused on driving shareholder value.
- The new holding company will be renamed to MYND.AI at the transaction's closing to reflect the new brand and the company's direction to pursue the transformation of artificial intelligence (AI) in education.
- Merging with Gravitas Education Holdings, Inc. (NYSE: GEHI) will enable the company to grow its global education business sustainably and further the development of new innovative technologies like AI.
- Promethean has expanded its product offerings to include software and AI in the past year.