NEW YORK, March 31, 2020 /PRNewswire/ -- Chardan Capital Markets, LLC ("Chardan") announced today that its client, EdtechX Holdings Acquisition Corp. ("EdtechX"), successfully completed its merger on March 30, 2020 with Meten International Education Group ("Meten"). Meten and its digital platform, Likeshuo, are a market leader in English Learning Training ("ELT") in China. The combined entity will operate as Meten EdtechX Education Group Ltd. ("Meten EdtechX"). The shares of common stock of the combined company are expected to begin trading today on the Nasdaq under the symbols METX.
Chardan acted as lead book runner in the initial public offering of EdtechX, a special purpose acquisition company sponsored by affiliates of education technology-focused investment bank IBIS Capital that raised aggregate gross proceeds of $63.25 million, including exercise of the over-allotment for the IPO in October 2018. In connection with the closing of the merger transaction, EdtechX and Meten completed the private placement of $36 million from institutional investors including Azimut, a leading Italian asset manager with assets under management of more than $60 billion, and Xiamen ITG Holding Group, a Fortune Global 500 Company engaged in range of industries across China including education. These investments add to the previous investments into Meten by China International Capital Corporation and private equity funds affiliated with Tsinghua University.
"EdtechX was the first SPAC to focus on educational technology, a sector that has been growing quickly for years and has recently gained attention as a key investment theme driven by global events," said George Kaufman, Partner and Head of Investment Banking at Chardan.
"Led by CEO, Benjamin Vedrenne-Cloquet, and by Chairman and CIO, Charles McIntyre, EdTechX navigated a challenging set of firsts, making use of their considerable networks and resources to attract and successfully combine with Meten International Education Group, the top player in omni-channel ELT education in China in the midst of extreme market volatility." Kaufman added, "We congratulate Benjamin, Charles and the entire Meten team on this notable achievement."
Chardan is an independent global investment bank specializing in healthcare, SPACs and emerging growth companies. Our range of services include capital raising, merger and acquisition advisory, strategic advisory, equity research, corporate access, and institutional trading. Headquartered in New York City, Chardan is a registered broker-dealer with the U.S. Securities and Exchange Commission and is a member of the following: FINRA, SIPC, NASDAQ and the NYSE Arca, Inc. Learn more about Chardan: www.chardan.com
Emily Levine, Chardan
Tom Rozycki, Prosek Partners
Managing Partner and Head of Investment Banking
Chardan Capital Markets, LP
Chief Executive Officer
Chardan Capital Markets, LP
SOURCE Chardan Capital Markets, LLC