Notable News to Watch: ATA Creativity Global (NASDAQ:AACG)

On Friday, ATA Creativity Global (NASDAQ:AACG)  started its trading session with the price $1.73 and closed at price of $1.7 by scoring -1.82%. Day range of the stock was $1.69 – $1.74. AACG stock traded with total volume of 0 shares while the average trading capacity remained 13018 shares.  Earnings per share was $-0.52. AACG has total market capitalization of $40176390.

On Nov. 14, 2019, ATA Creativity Global (NASDAQ:AACG) a company focused on providing students with quality educational experiences and services in China and abroad, released preliminary unaudited financial results for the three months ended September 30, 2019.

2019 Third Quarter and Subsequent Operating Highlights and Certain Events

  • On August 6, 2019, the Company announced that it had closed the acquisition of 87.46% equity interest in Beijing Huanqiuyimeng Education Consultation Corp. (Huanqiuyimeng), a leading provider of educational services for students in China interested in applying for overseas art study. On the same day, control of Huanqiuyimeng transitioned to ACG. On October 17, 2019, the Company announced that it had closed the acquisition of the remaining 12.54% equity interest in Huanqiuyimeng. As a result, Huanqiuyimeng is now a wholly owned subsidiary of ACG. Details of the Huanqiuyimeng acquisition can be found in the Forms 6-K filed by ACG on August 6, 2019, and October 17, 2019.
  • At the Annual General Meeting of Shareholders held on September 12, 2019, shareholders approved the change of the Company’s name to ATA Creativity Global. The Company’s stock ticker symbol also changed to AACG with its American Depositary Shares commencing trading under the new symbol as of market open on October 17, 2019. These changes mark a new beginning for the Company with its recent acquisition of Huanqiuyimeng.
  • For the period beginning August 6, 2019, when control of Huanqiuyimeng transitioned to ACG, to September 30, 2019 (the Partial Third Quarter Period), student enrollment was 838, of which 550 were enrolled in the Portfolio Training Program (as defined below). Approximately 35,000 credit hours (i.e., the standard unit measuring educational credit for the Portfolio Training Program; each credit hour roughly equals to one hour of time committed) were delivered during the Partial Third Quarter Period.

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