Online education

NetDragon announces signing of merger agreement with spin-off Overseas Education Business for NYSE listing

Hong Kong, April 18, 2023 /PRNewswire/ — NetDragon Websoft Holdings Limited (“NetDragon” or “Company”, Hong Kong Stock Code: 777), a global leader in building Internet communities, today announced that it has entered into a merger agreement with Gravitas Education Holdings Inc. Did. (“GEHI”) is a NYSE listed company, and NetDragon, through its subsidiary, operates its core overseas education business (“NetDragon Education Business”). $750 million NetDragon education business and $800 million For merged entities. The combined entity will be renamed to his MYND.AI upon completion of the transaction, reflecting the new brand and the company’s direction to pursue the transformation of education with artificial intelligence (AI).

When the transaction completes (this is of End of Q3):

  • NetDragon owns 72.9% of GEHI’s issued share capital, and GEHI owns 100% of the subsidiaries that operate NetDragon’s education business.
  • GEHI will sell all existing businesses except its own. Singapore The education business is highly profitable and is expected to continue generating stable cash flow. GEHI is rated at $50 million in a merger transaction.

After the transaction is completedyeah, MYND.AI will benefit from an independent board and a management team made up of world-class leaders with a track record of enhancing shareholder value. The spin-off of NetDragon Education Business provides the right platform to enable greater strategic and operational focus while unlocking value as a NYSE-listed company. In addition, the spin-off will create a public market vehicle to expand its financing options, including the option to raise capital from strategic investors and plans to complete registered follow-on offerings that strengthen the company’s capital. Give it to AI. MYND.AI’s independent board governance also enables the company to sustainably grow its global education business while ensuring compliance with all relevant regulations.

“The decision to spin off our international education business advances our ability to create value for our customers and shareholders. Simon Leon, Vice Chairman of NetDragon and Chairman of MYND.AI said in closing the transaction:A market that will drive the effective and practical use of AI in education, especially in the classroom, as there is a concrete roadmap to launch AI-enabled panels in the near future.The spin-off deal provides a suitable platform MYDN.AI The team will pursue our goal of becoming a category-dominant leader in the AI-enabled classroom technology space. We look forward to this journey and would like to thank our shareholders for their support.

Vin RieraMYND.AI CEO said at the closing of the transaction: This spin-off leverages not only its investment in AI technology, but also its deep understanding of users’ educational needs, which has provided classroom technology solutions for over 20 years, to the best possible integration of AI into its products, adding true educational value. Front line. Evolving our goal to remain the market leader in technology-enabled classrooms. This exciting new chapter builds on our mission to provide superior interactive experiences and the most effective learning outcomes for teachers and students. I’m here.”

almost net dragon

NetDragon Websoft Holdings Limited (HKSE: 0777) is an Internet company with a long track record of developing and scaling multiple Internet and mobile platforms, impacting hundreds of millions of users, including the previous establishment of China’s first online game portal 17173. A world leader in building communities. .com, and 91 Wireless, China’s most influential smartphone app store platform.

Founded in 1999, NetDragon is one of the most reputable and well-known online game developers in China, with a history of successful game titles such as: Udemons Online, Evolved Hero, conquer online and under oathIn recent years, NetDragon began expanding its online education business with the vision of its executive team to create the world’s largest online learning community and deliver best-in-class integrated blended learning solutions to all schools worldwide. I’m here.

Investor Contact:
NetDragon Websoft Holdings Limited

Maggie Chow
Senior Director of Investor Relations
Phone: +852 2850 7266 / +86 591 8390 2825
Email: [email protected]

Source NetDragon Websoft Holdings Limited

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