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Elite Education Group International Limited Announces Pricing of $6 Million Firm Commitment Initial Public Offering

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Will Trade on the Nasdaq Capital Market Today Under the Ticker "EEIQ"

MIDDLETOWN, Ohio, March 25, 2021 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ) ("EEG"), a provider of comprehensive, one-stop education solutions for Chinese university students interested in study abroad programs in the US and other countries, today announced the pricing of its firm commitment initial public offering of 750,000 units at an offering price of $8.00 per unit for total gross proceeds of $6.0 million.

Each unit will immediately separate into 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 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 has also granted the underwriters a 45-day option to purchase up to an additional 112,500 shares of common stock at a price of $7.98 and/or Series A Warrants to purchase up to an aggregate of 112,500 shares of common stock at a price of $0.01 and Series B Warrants to purchase up to an aggregate of 112,500 shares of common stock at a price of $0.01, in any combinations thereof, at the public offering price per security, to cover over-allotments, if any.

The Company's common shares will begin trading on the NASDAQ Capital Market on March 25, 2021 under the ticker symbol "EEIQ".

The net proceeds to EEG from the sale of the securities are expected to be approximately $4.3 million, after deducting underwriting discounts and commissions and estimated offering expenses. EEG intends to use net proceeds of this offering for expanding its existing and future student dormitory facilities at Miami University of Ohio, supporting its expansion into the Canadian, Southeast Asian and UK educational markets, expanding its student recruitment channels, and for working capital and general corporate purposes.

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

The closing of the offering is expected to take place on or about March 29, 2021, subject to the satisfaction or waiver of customary closing conditions.

The securities were offered pursuant to a registration statement on Form F-1, which was declared effective by the Securities and Exchange Commission ("SEC") on March 24, 2021. The offering is being made solely by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from ViewTrade Securities, Attention: Prospectus Department, 7280 W. Palmetto Park Rd, #310, Boca Raton, FL 33433, or via 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 residential facilities, a full-service cafeteria, recreational facilities, shuttle buses and 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
+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

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SOURCE Elite Education Group International Limited