BEIJING, Sept. 4, 2015 /PRNewswire/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company"), a leading national provider of educational and career enhancement services in China, today announced that it has completed a one-for-thirty reverse stock split of its issued and outstanding Class A ordinary shares ("Class A Shares") and the American Depositary Shares ("ADS"). Beginning with the opening of trading on Friday, September 4, 2015, the Company's ADS will trade on a split-adjusted basis, with a new CUSIP of 02322P200. The ratio of ADS to Class A Shares will remain the same: one to two. As per FINRA regulations, the Company's ticker symbol will be changed to "AMBOD" for 20 business days, after which, the symbol will revert back to "AMBOY." Immediately after the reverse stock split becomes effective, the Company has 37,859,756 Class A Ordinary Shares, of which 37,780,846 Class A Ordinary Shares are issued and outstanding. Additionally, of the 37,859,756 Class A Ordinary Shares, 747,883 ADRs, representing 1,495,766 underlying ordinary shares, were held of record by DTC, the Depository Trust Company, under the nominee name of Cede & Co., on behalf of DTC participants.
During Ambow's Extraordinary General Meeting on June 30, 2015, the Company's shareholders approved a proposal to give the Company's Board of Directors the authority to effect a one-for-thirty reverse split of the outstanding shares.
"We are pleased with the outcome of the extraordinary meeting and the support from our shareholders in authorizing the Board to effect a reverse split of our shares," commented Dr. Jin Huang, Ambow's President and Chief Executive Officer. "I thank our shareholders for the trust and confidence they have shown in the management team. With a strengthened capital structure, we look forward to completing our restructuring, while preparing for Ambow's next phase by implementing our strategic initiatives."
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. is a leading national provider of educational and career enhancement services in China, offering high quality, individualized services and products. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 30 out of the 31 provinces and autonomous regions within China.
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Ambow Education Holding Ltd.
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SOURCE Ambow Education Holding Ltd.