RYB Education, Inc. Announces Divesture of Directly Operated Kindergarten Business and Proposes the Change of Name

BEIJING, March 3, 2022 /PRNewswire/ -- RYB Education, Inc. ("RYB" or the "Company") (NYSE: RYB) announces that its subsidiaries have entered into termination agreements with certain variable interest entities, a decision made after careful consideration of the regulatory landscape and the Company's development needs. By entering into those termination agreements, RYB will no longer have contractual control over its directly operated kindergarten business (the "Divesture"). The Divesture aims to fully address compliance requirements with regard to relevant laws and regulations (including the Opinions of the State Council on Deepening Reform and Standardized Development of Preschool Education, the Regulations on the Implementation of the Law on the Promotion of Private Education, and the Preschool Education Law (Draft for Comments)). Concurrently, the Company is proposing to change its name from RYB Education Inc. to Gravitas Education Holdings Inc., subject to approval at the next extraordinary general meeting.

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