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Zhangmen Education Inc. Announces Pricing of Initial Public Offering

SHANGHAI, June 8, 2021 /PRNewswire/ -- Zhangmen Education Inc. ("Zhangmen" or the "Company") (NYSE: ZME), a leading online education company in China focused on providing personalized online courses to K-12 students, today announced the pricing of its initial public offering (the "IPO") of 3,623,000 American Depositary Shares ("ADSs"), at US$11.50 per ADS, for a total offering size of US$41.7 million, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents nine Class A ordinary shares of the Company. The ADSs have been approved for listing and are expected to begin trading on the New York Stock Exchange today under the ticker symbol "ZME." The offering is expected to close on June 10, 2021, subject to customary closing conditions.

The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 543,450 additional ADSs at the IPO price.

Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC are acting as active joint bookrunners and representatives of the underwriters for the offering. Citigroup Global Markets Inc., China International Capital Corporation Hong Kong Securities Limited and Macquarie Capital (USA) Inc. are acting as joint bookrunners for this offering. Futu Inc., Tiger Brokers (NZ) Limited and SNB Finance Holdings Limited are acting as co-managers for this offering.

A registration statement related to the ADSs being sold in this offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described therein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This offering is being made only by means of a prospectus forming part of the effective registration statement. A copy of the final prospectus relating to this offering may be obtained, when available, by contacting the following underwriters: (i) Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, United States, or by telephone at +1-917-606-8487, or by email at prospectus@morganstanley.com; (ii) Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, NY 10010, United States, or by telephone at +1-800-221-1037, or by email at newyork.prospectus@credit-suisse.com; (iii) Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at +1-800-831-9146, or by email at prospectus@citi.com; (iv) China International Capital Corporation Hong Kong Securities Limited, 29th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong, or by telephone at +852-2872-2000, or by email at g_prospectus@cicc.com; (v) Macquarie Capital (USA) Inc., 125 West 55th Street, New York, NY 10019, United States, or by telephone at +1-212-231-1000, or by email at MacquarieEquitySyndicateUSA@macquarie.com.

About Zhangmen Education Inc.

Zhangmen Education Inc. (NYSE: ZME) is a leading online education company in China focused on providing personalized online courses to K-12 students. The Company's core course offerings encompass one-on-one and small-class after-school tutoring services covering all core K-12 academic subjects, with an established portfolio of well-recognized online education brands including Zhangmen one-on-oneZhangmen Small Class, Zhangmen Kids and Xiaoli. Leveraging its high-quality teaching talents with localized insights, data-driven localized educational content and powerful technology infrastructure, the Company provides a personalized and results-driven learning experience to students across different regions. Over the years, the Company has successfully garnered wide recognition in the industry and established "Zhangmen" as a trusted online education brand. For more information, please visit ir.zhangmenedu.com.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Zhangmen Education Inc.
Investor Relations
E-mail: ir@zhangmen.com

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: zhangmen@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: zhangmen@thepiacentegroup.com

SOURCE Zhangmen Education Inc.