Elite education group announces closing of controlling stake in ameri-can education group corp.

Middletown, ohio, dec. 1, 2021 /prnewswire/ -- elite education group international limited (nasdaq: eeiq), (the "company" or "elite education group"), a provider of comprehensive education solutions for chinese university students interested in study abroad programs in the us and other countries, today announced that as a key part of its strategic growth plan, on november 26, 2021 the company closed on its previously announced acquisition of a controlling stake in ameri-can education group corp. ("ameri-can"), which has the right to the underlying equity of davis college, a two-year career-training college. pursuant to the stock purchase agreement, the company has acquired 70% of ameri-can, with 77.78% of voting rights, at an acquisition price of $2.5 million, with 50% of the payment made in cash and 50% in eeiq common shares at a price of $6.20, and an additional cash investment of $2.5 million in ameri-can at closing.
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