Gravitas Education Announces Merger with Elmtree Inc, Set to Rebrand as Mynd.ai and Trade Under Ticker MYND
Portfolio Pulse from Benzinga Newsdesk
Gravitas Education Holdings, Inc. (GEHI) announced a merger with Elmtree Inc., resulting in a rebranding to Mynd.ai, Inc. and a ticker change to MYND on the NYSE American. The merger is set to be effective at 3:00 A.M. Eastern Time on December 13, 2023. Concurrently, an affiliate of Ascendent Rainbow will purchase $65 million of secured convertible notes from the company. Additionally, NetDragon Websoft Holdings Limited's subsidiary ND BVI acquired 30% of GEHI's shares from the Founding Shareholders for $15 million. GEHI also completed the divestiture of its China education business for $15 million.
December 12, 2023 | 10:02 am
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Gravitas Education Holdings, Inc. is merging with Elmtree Inc., rebranding to Mynd.ai, and changing its ticker to MYND. The merger will be effective on December 13, 2023, and the stock will trade under the new ticker at market open.
The merger and rebranding to Mynd.ai, along with the ticker change, are significant corporate events that are likely to attract investor attention and could lead to increased trading activity and potential short-term price volatility. The acquisition of a 30% stake by NetDragon's subsidiary and the divestiture of the China education business are also notable events that could be viewed positively by the market, as they may streamline the company's operations and focus.
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