Wah Fu Education Group Ltd. to Hold Annual General Meeting on December 20, 2024
Rhea-AI Summary
Wah Fu Education Group (NASDAQ: WAFU) has announced its Annual General Meeting (AGM) scheduled for December 20, 2024, in Beijing. The company plans to implement a significant structural change by adopting a dual-class share structure. Under this proposal, existing ordinary shares will be re-designated into Ordinary Shares (1 vote each) and Class A Shares (15 votes each). The company will increase its authorized shares from 30,000,000 to 600,000,000, split between 500,000,000 Ordinary Shares and 100,000,000 Class A Shares. Each current share will be divided into 20 Ordinary Shares, with the par value changing from US$0.01 to US$0.0005.
Positive
- None.
Negative
- Implementation of dual-class share structure could reduce voting power of current ordinary shareholders
- Share division and creation of Class A shares with 15x voting power may concentrate control
News Market Reaction – WAFU
In the trading session that priced this news, WAFU gained 3.82%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Beijing, China, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Wah Fu Education Group Ltd. (NASDAQ: WAFU, the “Company”) today announced that it will hold its Annual General Meeting (“AGM”), which will be held at L207b, Hesheng Fortune Plaza, No.13 Deshengmenwai Street Xicheng District, Beijing, China 100088, at 10:30 AM, Beijing Time, on December 20, 2024.
Holders of record of the Company’s ordinary shares of par value US
Under the existing memorandum and articles of association of the Company, a resolution of shareholders may be passed by the affirmative vote of a majority of in excess of
The Company proposes to amend and restate the existing memorandum and articles of association registered with the Registry of Corporate Affairs in the British Virgin Islands to adopt a dual-class share structure (the “Dual-class Share Structure”), pursuant to which the Company will create a new class of shares and the Company’s issued ordinary shares of US
In connection with the Dual-class Share Structure, the Company proposes to:
| (a) | create a new class of shares and change the maximum number of shares that the Company is authorised to issue from 30,000,000 ordinary shares of US | |
| (b) | amend and restate its existing memorandum and articles of association registered with the Registrar or Corporate Affairs in the British Virgin Islands to include, amongst other things: | |
| (i) | the creation of a new class of Class A Shares with each Class A Share being entitled to fifteen (15) votes on all matters subject to vote at general meetings of the Company; and | |
| (ii) | the following provision: “Notwithstanding any other provision of these Articles, each Class A Share shall be automatically converted into an Ordinary Share immediately upon the holders of Class A Shares in aggregate beneficially owning less than 1,488,000 Class A Shares, which is equivalent to | |
| (c) | conduct a division of shares by which each issued ordinary share of US |
The notice of the AGM sets forth the resolutions to be submitted to shareholders of the Company for approval and other relevant information regarding the AGM, the proposed Dual-class Share Structure and how to vote ordinary shares or direct Deutsche Bank Trust Company Americas to vote the ordinary shares represented by the ADSs at the AGM. Shareholders may obtain a copy of the Company’s annual report on Form 20-F, free of charge on the Company’s Investor Relations website at www.edu-edu.cn, or on the website of U.S. Securities and Exchange Commission at http://www.sec.gov. Physical copies of the annual report on Form 20-F can be provided to shareholders of the Company without charge by emailing Wah Fu Education Group Ltd., at ir@edu-edu.com.cn or by writing to:
L207b, Hesheng Fortune Plaza
No.13 Deshengmenwai Street
Xicheng District, Beijing, China 100088
Attention: Raincy Du
INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE MATERIALS FILED WITH OR FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE DUAL-CLASS SHARE STRUCTURE AND RELATED MATTERS.
About Wah Fu Education Group Ltd.
Since its establishment in 1999, Wah Fu Education Group Ltd. (“Wah Fu”) has been committed to providing customized and diversified education solutions for the development of students, institutions and universities. Wah Fu continues to innovate in self-taught examinations for higher academic degrees, information application in adult education, non-degree training and other online educational programs. Wah Fu has become one of the most influential brand of distance education for adults in China. For more information about Wah Fu, please visit www.edu-edu.cn.
Investor Relations Contact
For Wah Fu:
Raincy Du
ir@edu-edu.com.cn
Investor Relations:
Haining Wang
Fair Consulting LLC
Email: info@fairconsulting.co
Phone: +1-646-752-9774(US) /+86-136-8536-8593(China)
