Meten edtechx waives condition to its offer to exercise warrants at a reduced price

Shenzhen, china, dec. 28, 2020 (globe newswire) -- meten edtechx education group ltd. (nasdaq: metx) (“meten edtechx” or the “company”), a leading omnichannel english language training (“elt”) service provider in china, today announced that it has waived a condition to its previously announced offer to exercise (“offer to exercise”) certain warrants (the “warrants”) at a reduced price of $1.40 per share. the company has waived the condition requiring that at least sixty-five percent (65%) of the outstanding warrants be tendered prior to 11:59 p.m. (eastern time) on january 5, 2021 (the “expiration date”). in connection with the waiver, if the company completes the offer, the exercise price of all outstanding warrants following the expiration date will temporarily be reduced to $2.50 per share, and be subject to a “full-ratchet” anti-dilution protection with respect to subsequent equity sales in which any person will be entitled to acquire ordinary shares at an effective price per share that is lower than the then exercise price of the warrants, subject to customary exceptions.
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