Gravitas Education Holdings, Inc. announced that the Company's board of directors (the "Board") approved a special cash dividend in an amount ranging from USD 11.256 to USD 12.17 per American Depositary Share ("ADS"), or from USD 0.5628 to USD 0.6085 per ordinary share. The aggregate amount of cash dividends to be paid ranges from USD 16 million to USD 17.3 million, which will be funded by cash on the Company's balance sheet. The payment of the special dividend is conditional upon the Closing, and the exact amount of such special dividend is to be determined and separately announced.

Following payment of the special dividend and after the previously announced divestiture of GEHI's PRC education business, the net cash of the Company (excluding the aggregate amount of such special dividend, but including the consideration received for the PRC education business divestiture) will be no less than USD 15 million at the Closing. The cash dividend will be paid by the Company on or before the 21st day after the date of the Closing to shareholders of record at the close of business on the date immediately prior the Closing date (the "Record Date"). ADSs will trade with an entitlement to the cash dividend until the ex-dividend date is established by the New York Stock Exchange ("NYSE").

In order to retain the right to the cash dividend, ADS holders of the Company need to hold the ADSs until the ex-dividend date, which shall be the first business day after the Closing.