Boustead Closes US$8,000,000 Nasdaq Firm Commitment IPO for China Liberal Education (CLEU)
BEIJING, CHINA, and NEW YORK, May 14, 2020 -- China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China Liberal”), an educational services provider in China, announced the closing of its initial public offering (“IPO”) of 1,333,333 ordinary shares priced at $6.00 per ordinary share, before underwriting discounts and offering expenses, resulting in gross proceeds of $8,000,000. The offering was conducted on a firm commitment basis and closed on May 12, 2020.
The ordinary shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “CLEU” on May 8, 2020.
Boustead Securities, LLC (“Boustead”), acted as the sole underwriter for the offering, with Zinvest Global Limited in Hong Kong serving as Asian book runner. Hunter Taubman Fischer & Li LLC acted as counsel to China Liberal, and Pryor Cashman LLP acted as counsel to Boustead.
China Liberal has granted Boustead a 45-day option to purchase up to an additional 200,000 ordinary shares at the IPO price, less underwriting discounts, to cover over-allotments, if any.
A registration statement on Form F-1 (File No. 333-233016), including a prospectus relating to the offering, was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC. The offering of the ordinary shares was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained on the SEC’s website (www.sec.gov) and may also be obtained from Boustead Securities, LLC, by email at firstname.lastname@example.org or telephone +1 (949) 502-4409 or standard mail to Boustead Securities, LLC, Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA. Before you invest, you should read the prospectus and other documents China Liberal has filed or will file with the SEC for more complete information about China Liberal and the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities 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 any such state or jurisdiction. There is no guarantee that any specific outcome would be achieved. Securities may be illiquid, speculative and there is a risk of total loss. Past performance is not indicative of future results.
This press release is not a solicitation or offer to buy or sell securities. Investments may be speculative, illiquid and carry a risk of loss. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved.
About China Liberal Education Holdings Limited
China Liberal, headquartered in Beijing, is an educational services provider in China. It provides a wide range of services, including those under Sino-foreign jointly managed academic programs; overseas study consulting services; technological consulting services for Chinese universities to improve their campus information and data management system and to optimize their teaching, operating and management environment, creating a “smart campus”; and tailored job readiness training to graduating students. For more information, visit the company’s website at ir.chinaliberal.com.
About Boustead Securities, LLC
Boustead Securities, LLC (“Boustead”) is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit www.boustead1828.com.
Boustead Securities, LLC
Dan McClory, Head of Equity Capital Markets and Head of China
+1 949 502 4409
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