Gravitas education holdings, inc. announces extension of the outside date of the merger

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").
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