Company: MYND
Filing Date: 2025-03-26
Form Type: 20-F
Source: 0001628280-25-014832
Chunk: 29

Company: Mynd.ai, Inc.
Filing Date: 2025-03-26
Form: 20-F
Item: Item 5
Chunk 29
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 trade under the symbol “ MYND.”

Also concurrent with the Closing of the Merger:

• we transferred our entire education business in the PRC to Rainbow Companion, Inc., a purchaser consortium formed by the Founding Shareholders (as hereinafter defined) and their affiliates in consideration of $15 million (the “2023 Disposition”);

• ND BVI, a wholly-owned subsidiary of NetDragon, purchased an aggregate of 8,528,444 of the Company’s ordinary shares from Joy Year Limited, Bloom Star Limited, Ascendent Rainbow (Cayman) Limited (“ ACP”), Trump Creation Limited and China Growth Capital Limited (collectively, the “ Founding Shareholders”), for an aggregate consideration of $15 million (the “ Secondary Sale”); and

• Nurture Education Cayman Limited, an affiliate of ACP, purchased a $65.0 million convertible promissory note from us (the “ Convertible Note”).

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As a result of the foregoing transactions, we ceased operations of all education business in China and NetDragon, through ND BVI, is the holder of approximately 74% of our issued and outstanding shares.

The Merger has been accounted for as a reverse acquisition where Gravitas Education Holdings, Inc. was the legal acquirer, but eLMTree was deemed to be the acquirer for accounting purposes, resulting in inclusion of eLMTree financial information for all historical periods presented.

Disposition of Early Childcare Learning Business

On October 2, 2024, we completed the sale (the “2024 Disposition”) of all of the Company’s shares of the capital stock in Global Eduhub Holding Limited, a Hong Kong corporation (“ GEH”) for cash consideration of $20 million pursuant to the terms of a written agreement dated October 1, 2024 by and among the Company, Strategic Global Group Holdings Pte Ltd (the “ Purchaser”) and Ms. Koh Chew Chee, the prior minority owner of GEH prior to the closing of the transaction. The shares sold by the Company constituted eighty-five percent (85%) of the total equity ownership in GEH prior to the consummation of the 2024 Disposition. GEH, through its network of subsidiaries, is engaged in the early childcare learning business in Singapore. The 2024 Disposition reflects the decision by the Company’s management and board of directors to divest itself of non-strategic assets and to focus the Company’s attention and resources on delivering hardware and software