Zhitong Finance and Economics learned that on December 13, NetDragon (00777) announced the successful completion of the merger transaction, and NetDragon will combine its core overseas education business (NetDragon Education Business) with GR**itas Education Holdings, Inc., a company listed on the New York ** Stock Exchange (gehi.US) to value the combined entity at $800 million.
In line with the new brand and the company's direction of transforming education through artificial intelligence (AI), the combined entity was renamed Mynd. upon closingai,inc.(“mynd.ai”)。At the same time, its *** is also immediately changed from "gehi.."us" was officially changed to "mynd."us”。
Following the completion of the merger, NetDragon now holds Mynd74. of the shares issued by AI39% and myndAI owns 100% of the equity of NetDragon's education business subsidiaries. Prior to the closing of the transaction, GEHI had completed** all of its operations except for its education business in Singapore.
Vice Chairman of NetDragon and MyndDr. Leung Nien Kin, Chairman of the Board of Directors of AI, said, "Our business is not only to make products, but also to create value. The closing of this transaction marks an important moment for NetDragon as we unlock significant value for our shareholders and lead us in redefining the education sector by spinning off our overseas education business into a separate, U.S.-listed entity. Our strategic direction is clear: we will transform from a hardware vendor to a leader in Classroom as a Service (CAAS). We aim to leverage the existing foundation of more than 1 million classrooms around the world to create an open platform that can accommodate a wide range of content providers, and provide a range of SaaS services for a seamless teaching and learning experience. On top of that, it will be myndAI has become an all-in-one solution provider for the K-12 market. The future of education has arrived, and it's smart, seamless, and borderless. ”