- Ambow Education (NYSE:AMBO) shares surged 27% Wednesday morning after the company announced a deal to sell its wholly-owned subsidiaries to Clover Wealth.
- Pursuant to a purchase agreement, Ambow (AMBO) agreed to sell all of the equity interests in Ambow Education, Ambow Education Management and Ambow Education Group to Clover Wealth for $12M in cash.
- The sale is conditioned upon receiving approval from company's shareholders. Upon completion of the sale, the company would have, through its subsidiaries, sold substantially all of its assets in China.