EdTechX Holdings Acquisition Corp., (EDTX), announced this afternoon they have closed their combination with Meten Education. The combined entity will operate as Meten EdtechX Education Group Ltd. (“Meten EdtechX”) and will continue to focus on providing English language and future skills training for Chinese students and professionals. Furthermore, Meten EdtechX’s ordinary shares will trade on the Nasdaq stock exchange under the symbol METX, effective tomorrow.
Nonetheless, EdTechX’s combination represents the first SPAC to complete their combination while in the thick of the Covid-19 crisis. Previously, both ChaSerg Technology and Tiberius Acquisition Corp. had completed their combinations in early March, but since then, the world has effectively undergone a mass quarantine and the equity markets have been roiled. Nonetheless, EdtechX focuses on online education, so despite the conditions at the time their combined company went public, the current circumstances do represent an opportunity. As both Benjamin Vedrenne-Cloquet, CEO of EdtechX, and Charles McIntyre, Chairman and Chief Investment Officer of EdtechX, jointly said in today’s press release:
“While the current COVID-19 pandemic continues to affect global economies, it has also created the conditions for accelerated adoption of online education and training globally. This is a trend we expect to continue in the long term.”
Now the company needs to deliver. In the meantime, it’s still good to see a SPAC combination able to complete their transaction, even in the most trying circumstances.
- Chardan acted as financial and capital markets advisor to EdtechX.
- Macquarie acted as financial advisor to Meten.
- Graubard Miller LLP acted as legal counsel to EdtechX.
- Morgan, Lewis & Bockius and Conyers acted as legal counsels to Meten.
- Loeb & Loeb acted as special legal advisor to Chardan.
- Citigate Dewe Rogerson and Inbound Capital acted as Investor Relation advisors for the merged entity Meten EdtechX.