Elite Education Group International Limited Announces Closing of Its Initial Public Offering

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[{"type":"text","content":"Trading on the Nasdaq Capital Market Under the Ticker \"EEIQ\"\n\n\nMIDDLETOWN, Ohio, March 30, 2021 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ) (\"EEG\"), a provider of comprehensive, one-stop education solutions for Chinese students interested in study abroad programs in the US and other countries, announced the closing of its previously announced $6.0 million initial public offering of 750,000 units at a public offering price of $8.00 per unit, with each unit consisting of 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 shares of 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. \n\n \n \n \n \n \n \n\n \nThe underwriters have exercised their option to purchase in full (i) Series A warrants to purchase 112,500 common shares, and (ii) Series B warrants to purchase 112,500 common shares. \nThe common shares and the accompanying warrants included in the units were purchased together in this offering, but were issued separately and were immediately separable upon issuance. The Company's common shares began trading on the Nasdaq Capital Market under the ticker symbol \"EEIQ\" on March 25, 2021. The Company does not intend to apply for any listing of either of the warrants on the Nasdaq Capital Market or any other securities exchange or nationally recognized trading system, and it does not expect a market to develop for the Series A warrants or the Series B warrants.\nViewTrade Securities, a global provider of brokerage, investment banking, corporate / advisory and trading platform services, acted as sole book-running manager for the offering.\nA registration statement on Form F-1 relating to these securities was declared effective by the Securities and Exch...

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