Meta Data (formerly OneSmart International Education Group), trading under AIU, has been placed into Official Liquidation in the Cayman Islands. By order of the Grand Court on August 7, 2024, the company will be wound up under the Cayman Islands Companies Act. PwC's Simon Richard Conway, Yat Kit Jong, and Ka Yee Annette Lee have been appointed Joint Official Liquidators. The company's registered office is now PO Box 258, 18 Forum Lane, Grand Cayman KY1-1104.
NYSE trading of the company's shares was halted on August 13, 2024. Share transactions after August 7, 2024, require a validation order from the Cayman Islands Court. The Liquidators are currently investigating the company's financial status and will provide further disclosures in due course. As per Cayman Islands law, equity holders rank behind unsecured creditors concerning payment.
Meta Data (NYSE: AIU) has announced plans to change its American Depositary Shares (ADS) ratio from 1 ADS representing 2 Class A ordinary shares to 1 ADS representing 10 Class A ordinary shares. The change is expected to take effect on July 29, 2024, at the open of trading on the New York Stock Exchange. There will be no change to the company's Class A ordinary shares.
ADS holders of record on the effective date will need to surrender their ADS for cancellation and exchange. The company's ADSs will continue to trade under the symbol 'AIU'. Fractional new ADSs will not be issued; instead, they will be aggregated, sold, and the net proceeds distributed to applicable ADS holders. The ADS price is expected to increase proportionally, although this is not guaranteed.
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Meta Data Limited (NYSE: AIU) reported unaudited financial results for the six months ended February 28, 2022. The company experienced a net loss from continuing operations of RMB372 million (US$58.8 million), a 7% increase year-over-year. The net loss attributable to common shareholders surged to RMB1,068.8 million (US$167.8 million), up 222% from the previous year. Due to Chinese government regulations affecting after-school tutoring, the company ceased its Legacy Business, which had generated RMB144.8 million in revenue before its shutdown. Meta Data is transitioning to a technology-focused model within the Metaverse sector.
Meta Data Limited (NYSE: AIU) has filed its annual report on Form 20-F for the fiscal year ending August 31, 2021, with the SEC. This report includes audited financial statements and is accessible on the SEC website and the company's website. The NYSE no longer requires listed companies to distribute hard copies of annual reports to shareholders, streamlining access via digital formats. Founded in 2008, the company plans to pivot from traditional tutoring services to focus on overseas education preparation, consulting, and smart training systems incorporating advanced technologies.