RYB - RYB Education divests directly operated kindergarten business proposes name change

RYB Education's (NYSE:RYB) subsidiaries entered into termination agreements with certain variable interest entities, based on company's development needs and regulatory landscape. Through this, RYB will no longer have contractual control over its directly operated kindergarten business. The company also proposed to change its name from RYB Education to Gravitas Education. The company will continue to develop its preschool education business in Singapore and overseas, and its domestic business will undergo a strategic transformation. This Divesture includes the termination of agreements by and among Beijing RYB Technology Development (WFOE), Beijing RYB Children Education Technology Development (VIE) and its shareholders. As compensation for the termination of VIE agreements, RMB 158.5M will be paid in installments to WFOE.

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RYB Education divests directly operated kindergarten business, proposes name change