Gravitas Education Holdings Inc. Announces Special Cash Dividend in the Range of US$11.256 to US$12.17 per American Depositary Share and Reports Status of Merger

BEIJING, Sept. 21, 2023 /PRNewswire/ -- Gravitas Education Holdings Inc. (the "Company") (NYSE:GEHI), a leading early childhood education service provider in China, today announced that the Company's board of directors (the "Board") approved a special cash dividend in an amount ranging from US$11.256 to US$12.17 per American Depositary Share ("ADS"), or from US$0.5628 to US$0.6085 per ordinary share. The aggregate amount of cash dividends to be paid ranges from US$16 million to US$17.3 million, which will be funded by cash on the Company's balance sheet. The payment of the special dividend is conditional upon the Closing (as defined below), and the exact amount of such special dividend is to be determined and separately announced. Following payment of the special dividend and after the previously announced divestiture of GEHI's PRC education business, the net cash of the Company (excluding the aggregate amount of such special dividend, but including the consideration received for the PRC education business divestiture) will be no less than US$15 million at the Closing (as defined below).