FLORIANÓPOLIS, Brazil, Nov. 08, 2022 (GLOBE NEWSWIRE) — Vitru Limited or Vitru (Nasdaq: VTRU) announced today that the 15-day period from the date of publication of the decision by the General Supervisor of CADE (Administrative Council for Economic Defense – Brazilian Antitrust Authority) in the Brazilian Official Gazette approving, without restrictions, the transactions contemplated by the Investment Agreement with Crescera Growth Capital Master V Fundo de Investimento em Participações Multiestratégia and Crescera Growth Capital V Coinvestimento III Fundo de Investimento em Participações Multiestratégia (“Crescera” and “Investment Agreement”) will lapse and CADE’s decision will be final under applicable Brazilian law.

Closing of Crescera’s investment in Vitru is expected to occur in the fourth quarter of 2022, subject to customary closing conditions. Pursuant to the Investment Agreement, Crescera has agreed to subscribe for 3,636,363 new common shares to be issued by Vitru for total consideration of BRL 300 million, equal to US$58.3 million based on the applicable exchange rate pursuant to the Investment Agreement, or approximately US Dollars $16.02 per common share.

As previously announced, Vitru has commenced a rights offering in which it will distribute non-transferable rights to each holder of its common shares beginning at 5:00 p.m. Eastern time on October 21, 2022 (the “Record Date”). The subscription rights can be exercised at any time during the subscription period, which began on October 24, 2022 and ends on November 17, 2022 at 5:00 p.m. Eastern Time. One warrant will be held for every six common shares issued as of the Record Date, with each warrant exercisable for one common share at an exercise price of $16.02 per full common share. Vitru will not issue fractional shares upon exercise of a subscription…