Termination of Forward Purchase Contract with Zhu Hai Quan Shi Investment Management Ltd.
Meten Holding Group Ltd. - Ordinary Shares (METX)
Company Research
Source: GlobeNewswire
SHENZHEN, China, April 14, 2020 (GLOBE NEWSWIRE) -- Meten EdtechX Education Group Ltd. (“Meten EdtechX” or the “Company”), a leading English language training service provider in China, announces that it has terminated a forward purchase contract with Zhu Hai Quan Shi Investment Management Ltd (as amended, the “Forward Purchase Contract”). In March 2020, Zhu Hai Quan Shi Investment Management Ltd. (“Zhu Hai Quan Shi”) agreed to purchase 400,000 ordinary shares of Meten EdtechX Education Group Ltd. for a purchase price of $10.00 per share in a private placement (the “$4 million PIPE”). According to the terms and conditions of the Forward Purchase Contract, Zhu Hai Quan Shi was required to pay the purchase price of $4,000,000 by an early April 2020 deadline that was agreed among the parties. As a result of the failure by Zhu Hai Quan Shi to pay the purchase price by the agreed deadline, the Company has decided to terminate the Forward Purchase Contract. As a result of the fai
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