RISE Education ADSs Down 11% After Rising 138% in Regular Session

Dow Jones

2022/06/11

By Stephen Nakrosis

The American depositary shares of RISE Education Cayman Ltd., an English-language training institution in China, were trading lower in Friday's after-hours session, following a 138% rise in the day's regular session on news that the company planned to close its merger with Dada Auto Inc.

RISE said it completed the previously announced merger following the close of trading hours on the Nasdaq Friday. Dada Auto is a technology solutions provider for China's electric vehicle charging market, RISE said.

The transaction will see RISE change its name to "NaaS Technology Inc." and its ticker to NAAS. As a result of the deal, the number of shares represented by each ADS will change from two to ten shares per ADS, the company said.

At 6:35 p.m. ET, the company's ADSs were trading 11.73% lower at $3.01 per share. They finished the day's regular session with a 138.46% increase, closing at $3.41 each. Earlier in the session, they touched a 52-week high of $4.49 each.

Trade in the company's ADSs was halted several times on Friday due to volatility.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

$(END)$ Dow Jones Newswires

June 10, 2022 18:54 ET (22:54 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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