ATA Inc. Announces Exercise of Over-Allotment Option by Underwriters

2008-03-07 22:05 762

BEIJING, March 3 /Xinhua-PRNewswire-FirstCall/ -- ATA Inc. (Nasdaq: ATAI) ("ATA", or the "Company"), the leading provider of computer-based testing services in China, announced today that the underwriters partially exercised their over-allotment option, purchasing an additional 126,101 American Depositary Shares ("ADSs"), in connection with ATA’s initial public offering that was priced on January 28, 2008. Including the underwriter’s over-allotment option, ATA sold 5,000,113 ADSs at a price of $9.50 per share in its initial public offering, resulting in approximately $45.1 million in net proceeds, after deducting underwriting discounts and commissions but excluding estimated offering expenses.

Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the sole bookrunner, with Piper Jaffray as joint lead manager and Susquehanna Financial Group, LLLP as co-manager for the offering. A copy of the prospectus relating to the offering may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated, Address: 4 World Financial Center, New York, New York 10080, United States, Phone: +(1) 866-500-5408.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About ATA Inc.:

ATA Inc. (Nasdaq: ATAI) ("ATA" or the "Company") is the leading provider of computer-based testing services in China. The Company offers comprehensive services for the creation and delivery of computer-based tests based on its proprietary testing technologies and test delivery platform. The Company’s computer-based testing services are used for professional licensure and certification tests in various industries, including information technology, or IT, services, banking, teaching, securities, insurance and accounting. ATA’s test center network comprised 1,810 authorized test centers located throughout China as of September 30, 2007, which the Company believes is the largest test center network of any commercial testing service provider in China. Combined with its test delivery technologies, this network allows ATA’s clients to administer large-scale nationwide tests in a consistent, secure and cost-effective manner. ATA has delivered over 23 million tests since it commenced operations in 1999, and in July 2007 delivered tests to more than 200,000 test takers in a single day for the China Banking Association, through its test delivery platform.

For more information, please contact:

ATA Inc.

Carl Yeung, CFO

Tel: +86-10-6518-1122 x5107


CCG Elite Investor Relations

Crocker Coulson, President

Tel: +1-646-213-1915


Ed Job, CFA

Tel: +1-646-213-1914


Source: ATA Inc.
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