Visionary Education Technology Holdings Group Inc. Announces Closing of US$17 Million Firm Commitment Initial Public Offering
May 19 2022 - 3:55PM
Visionary Education Technology Holdings Group Inc. (the “Company”)
(Nasdaq: VEDU), a private education provider located in Canada that
offers high-quality education resources to students around the
globe, today announced the closing of its initial public offering
(the “Offering”) of 4,250,000 common shares at a public offering
price of US$4.00 per common share.
The Company received aggregate gross proceeds of
US$17 million from the Offering, before deducting underwriting
discounts and other related expenses. In addition, the Company has
granted the underwriters a 45-day option to purchase up to an
additional 637,500 common shares at the public offering price, less
underwriting discounts and commissions. The common shares began
trading on the Nasdaq Capital Market on May 17, 2022 under the
ticker symbol “VEDU.”
Proceeds from the Offering will be used for
Public Private Partnership (“PPP”) projects, course development of
Max the Mutt College of Animation, Art and Design (“MTM”), program
partnerships with other universities, vocational education,
development of global market and distribution channels, staff
development and general corporate purposes, including working
capital and operating expenses.
The Offering was conducted on a firm commitment
basis. Joseph Stone Capital, LLC acted as the representative of the
underwriters and the lead underwriter for the Offering and Valuable
Capital Limited acted as the co-underwriter for the Offering.
McLaughlin & Stern, LLP acted as counsel to the Company, and
Carmel, Milazzo & Feil LLP acted as counsel to the
representative of the underwriters in connection with the
Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the U.S. Securities and Exchange
Commission (“SEC”) (File Number: 333-263290) and was declared
effective by the SEC on May 16, 2022. The Offering is being made
only by means of a prospectus, forming a part of the registration
statement. Copies of the prospectus relating to the Offering may be
obtained from Joseph Stone Capital, LLC, by email
at ccao@josephstonecapital.com, by calling +1 516.267.7001. In
addition, copies of the prospectus relating to the Offering may be
obtained via the SEC's website at www.sec.gov.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy any of the
Company’s securities, nor shall there be any offer, solicitation or
sale of any of the Company’s securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Visionary Education
Technology Holdings Group Inc.
Visionary Education Technology Holdings Group
Inc., headquartered in Markham, Canada, is a private education
provider located in Canada that offers high-quality education
resources to students around the globe. The Company aims to provide
access to secondary, college, undergraduate and graduate and
vocational education to students in Canada through technological
innovation so that more people can learn, grow and succeed to their
full potential. As a fully integrated provider of educational
programs and services in Canada, the Company has been serving and
will continue to serve both Canadian and international students.
For more information, visit the Company’s website at
https://ir.visiongroupca.com.
Forward-Looking Statements
All statements other than statements of
historical fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “believes,” “expects,” “anticipates,” “estimates,”
“intends,” “would,” “continue,” “should,” “may,” or similar
expressions. The Company undertakes no obligation to update or
revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and in its other filings with the SEC.
For more information, please
contact:
Visionary Education Technology Holdings
Group Inc.Investor Relations DepartmentEmail:
ir@farvision.ca
Ascent Investors Relations LLCTina
XiaoPresidentPhone: +1 917-609-0333Email:
tina.xiao@ascent-ir.com
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