Shanghai, China, June 24, 2022 (GLOBE NEWSWIRE) — Golden Sun Education Group Limited (the “Company” or “Golden Sun”) (Nasdaq: GSUN), a tutoring services provider in China, today announced the closing of its initial public offering (the “Offer”) of 5,060,000 shares of Class A common stock at a public offering price of $4.00 per Class A common stock, which included 660,000 shares of Class A common stock issued pursuant to the exercise in full of the underwriter’s over-allotment option.
The Company received aggregate gross proceeds of US$20,240,000 from the Offering, before deducting subscription discounts and other related costs. The Class A common stock began trading on the Nasdaq Capital Market on June 22, 2022 under the symbol “GSUN”.
The proceeds of the Offering will be used for (i) the acquisition of tutoring centers for foreign languages other than English for Gaokao, as well as schools and tutoring centers abroad; (ii) research and development of non-English foreign language related courses for Gaokao, and expansion of non-English foreign language operation center for Gaokao; (iii) acquisition of tutoring centers for language training; (iv) recruitment and retention of teachers and supervisory staff; and (v) working capital and other general business needs.
The Offer was made on the basis of a firm commitment. Network 1 Financial Securities, Inc. acted as sole underwriter and bookrunner for the Offering. Hunter Taubman Fischer & Li LLC acted as US counsel to the Company and Sichenzia Ross Ference LLP acted as US counsel to Network 1 Financial Securities, Inc. in connection with the Offer.
A registration statement on Form F-1 relating to the offering has been filed with the United States Securities and Exchange Commission (“SEC”) (File Number: 333-255891) and has been declared effective by the SEC on June 21, 2022. The offering has been made only by means of a prospectus forming part of the registration statement. Copies of the prospectus relating to the Offer may be obtained from Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, NJ 07701, Attention Karen (Huiyun) Mu, by e-mail at kmu@netw1.com, or by calling +1 (800)-886-7007. In addition, copies of the prospectus relating to the Offer may be obtained through the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities of the Company, and there will be no offer, solicitation or sale of any of the securities of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Golden Sun Education Group Limited
Founded in 1997 and headquartered in Shanghai, China, Golden Sun Education Group Limited is a tutoring service provider in China with over twenty years of experience in providing educational services focused on developing everyone’s strengths and potential. of its students, and the promotion of lifelong skills and an interest in learning. Golden Sun has three tutoring centers, an education company that partners with high schools to provide language lessons to its students, and a logistics company that provides logistics and consulting services. Golden Sun’s tutoring centers focus on different target groups of students by offering different tutoring programs. Regarding foreign language courses, Golden Sun offers English, Spanish, German, French and Japanese courses for students who intend to study abroad, people with looking for a job requiring a certain command of these languages and companies or organizations whose workers must have a certain command of these languages. these languages. For more information, visit the company’s website at ir.jtyjyjt.com.
Forward-looking statements
Certain the statements contained in this announcement are forward-looking statements, including, but not limited to, the Offer proposed by the Company. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projectinformation about future events that the Company to believes can affect his financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approaches”, “evaluates”, “believes”, “hopes”, “expects”, “anticipates”, “estimates”, “projects”, “intends”, “plans”, ” will”, “would”, “should”, “could”, “could” or similar expressions. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to review other factors that may affect its future results in the company’s registration statement and other filings with the SEC.
For more information please contact:
Golden Sun Education Group Limited
Investor Relations Department
Email: ir@cngsun.com
Ascent Investor Relations LLC
Tina Xiao
President
Telephone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
