TCTM Kids IT Buys Brain-Computer Interface Tech In $10.85M Deal With Jeethen, Eyes Future In Neural Interfaces

Author: Benzinga Newsdesk | April 07, 2025 05:47am

TCTM Kids IT Education Inc. (NASDAQ:TCTM) ("TCTM" or the "Company"), a leading provider of IT-focused supplementary STEM education services in China, today announced that it has entered into an intangible asset purchase agreement with Jeethen International Co., Limited ("Jeethen") on April 1, 2025 (the "Agreement"). Under the Agreement, the Company will acquire from Jeethen core algorithms and related software and hardware systems for brain-computer interfaces, valued at US$10.85 million. As consideration, the Company agrees to issue 135,625,000 Class A ordinary shares of the Company to Jeethen. The number of Class A ordinary shares to be issued was determined by dividing the total consideration of US$10.85 million by the per share purchase price of approximately US$0.08, the closing sale price of the Company's American depositary shares ("ADSs") as reported by Nasdaq on March 31, 2025. Each ADS currently represents five of the Company's Class A ordinary shares.

Posted In: TCTM