Rainbow Companion, Inc entered into a share purchase agreement to acquire Education business in China from Gravitas Education Holdings, Inc. (NYSE:GEHI) for $15 million on April 18, 2023. The Gravitas Education Holdings, Inc. (NYSE:GEHI) anticipate that the Transactions will be completed by the end of the third quarter of 2023, subject to the satisfaction of receipt of NetDragon's shareholder approval, the Gravitas Education Holdings, Inc. (NYSE:GEHI) shareholder approval and certain regulatory approvals. Yuting Wu and Peter X. Huang of Skadden, Arps, Slate, Meagher & Flom LLP acted as a legal advisor to Gravitas Education Holdings, Inc.

Rainbow Companion, Inc completed the acquisition of Education business in China from Gravitas Education Holdings, Inc. (NYSE:GEHI) on December 12, 2023.