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Elite Education Group International Limited Announces Closing of Its Initial Public Offering

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Trading on the Nasdaq Capital Market Under the Ticker "EEIQ"

MIDDLETOWN, Ohio, March 30, 2021 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ) ("EEG"), a provider of comprehensive, one-stop education solutions for Chinese students interested in study abroad programs in the US and other countries, announced the closing of its previously announced $6.0 million initial public offering of 750,000 units at a public offering price of $8.00 per unit, with each unit consisting of one common share, one Series A warrant, and one Series B warrant. The Series A warrants permit the holder to purchase one common share at an exercise price of $5.00 and expire after 5 years. The Series B warrants permit the holder to purchase one common share at an exercise price of $10.00 and expire after 5 years, and contain an exchange feature that will permit the holder to exchange the warrant into shares of common shares on a one-for-one basis any time commencing the earlier of 15 days from the warrant issuance date or the time when $10 million of volume is traded in the common shares if the volume weighted average price of common shares on any trading day on or after the date of issuance fails to exceed the exercise price of the Series B warrants.

Elite Education Group International (PRNewsfoto/Elite Education Group International Limited)
Elite Education Group International (PRNewsfoto/Elite Education Group International Limited)

The underwriters have exercised their option to purchase in full (i) Series A warrants to purchase 112,500 common shares, and (ii) Series B warrants to purchase 112,500 common shares.

The common shares and the accompanying warrants included in the units were purchased together in this offering, but were issued separately and were immediately separable upon issuance. The Company's common shares began trading on the Nasdaq Capital Market under the ticker symbol "EEIQ" on March 25, 2021. The Company does not intend to apply for any listing of either of the warrants on the Nasdaq Capital Market or any other securities exchange or nationally recognized trading system, and it does not expect a market to develop for the Series A warrants or the Series B warrants.

ViewTrade Securities, a global provider of brokerage, investment banking, corporate / advisory and trading platform services, acted as sole book-running manager for the offering.

A registration statement on Form F-1 relating to these securities was declared effective by the Securities and Exchange Commission ("SEC") on March 24, 2021. Copies of the registration statement can be accessed by visiting the SEC's website at www.sec.gov. The offering was made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained by visiting the SEC's website or from ViewTrade Securities, 7280 W. Palmetto Park Rd, #310, Boca Raton, FL 33433, Attention: Prospectus Department, or by email at IB@Viewtrade.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Elite Education Group International Limited

Elite Education Group International Limited, through its subsidiary Quest Holding International LLC, provides comprehensive, one-stop education solutions for Chinese students who are interested in study abroad programs in the US and other countries. We develop specific education goals for each student enrolled in our program and provide a safe and structured environment to enable students to pursue their academic goals. Our primary study abroad partnership is with Miami University of Ohio where we maintain an office on campus that provides a wide range of study abroad and post-study services for our students. For more information, please visit www.eei-global.net.

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, including the Company's expectations regarding the proposed offering of the Company's shares of common stock, including as to the consummation of the offering described above and the size of the offering are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, including, but not limited to, risk factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Elite Education Group International Limited:
+1 513-649-8350
ir@eei-global.net

Investor Relations:

Precept Investor Relations LLC
David Rudnick
Account Manager
+1 646-694-8538
david.rudnick@preceptir.com

Media Relations:

Eisenberg Communications
Rick Eisenberg
+1 917-691-8934
eiscom@msn.com

Source: Elite Education Group International Limited

Cision
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SOURCE Elite Education Group International Limited