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China Online Education Spins Off China Mainland Business

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·1 min read
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  • China Online Education Group (NYSE: COE) has entered into a definitive share purchase agreement with Dasheng Holding (HK) Limited, controlled by China Online chairman & CEO Jiajia Jack Huang.

  • Under the agreement, Jiajia Jack Huang, through Dasheng, will acquire the company's online English tutoring businesses in the China mainland, including all associated liabilities and assets, for $1.

  • After the closing of the transaction, Dasheng will grant a right to the company to purchase certain newly issued shares of up to 99% of the outstanding shares of the entities holding the China Mainland Business with an exercise price of $1.

  • The deal is expected to be completed on or around June 30, 2022.

  • Upon the closing, China Online expects to shift from a negative net assets position to a positive net assets position.

  • Price Action: COE shares are trading higher by 8.89% at $1.47 in premarket on the last check Friday.

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