LAIX Inc. Announces Formation of Special Committee
LAIX Inc. (NYSE: LAIX), an AI-driven English learning company in China, has formed a special committee to evaluate a preliminary non-binding proposal received on August 4, 2021. This committee consists of independent directors Dr. Li-Lan Cheng and Ms. Min (Jenny) Zhang. The Board has advised shareholders that no decisions regarding the proposal have been made, and there is no assurance of a definitive agreement or the completion of any transaction. LAIX continues to focus on providing innovative and engaging English learning experiences through its flagship mobile app, 'English Liulishuo.'
- Formation of a special committee may indicate potential strategic opportunities.
- Continued focus on innovative AI-based learning solutions.
- No guarantee of a definitive agreement regarding the proposal.
- Uncertainty surrounding the potential transaction may affect investor confidence.
SHANGHAI, Aug. 6, 2021 /PRNewswire/ -- LAIX Inc. ("LAIX" or the "Company") (NYSE: LAIX), an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning, today announced that its board of directors (the "Board") has formed a special committee (the "Special Committee") consisting of two independent directors, Dr. Li-Lan Cheng, who will serve as the chairman of the Special Committee, and Ms. Min (Jenny) Zhang, to evaluate and consider the previously announced preliminary non-binding proposal letter dated August 4, 2021 (the "Proposal").
The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal, or that the transaction contemplated by the Proposal or any other similar transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.
About LAIX Inc.
LAIX Inc. ("LAIX" or the "Company") is an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning. Its proprietary AI teacher utilizes cutting-edge deep learning and adaptive learning technologies, big data, well-established education pedagogies and the mobile internet. LAIX believes its innovative approach fundamentally transforms learning. LAIX provides its products and services on demand via its mobile apps, primarily its flagship "English Liulishuo" mobile app launched in 2013. On the Company's platform, AI technologies are seamlessly integrated with diverse learning content incorporating well-established language learning pedagogies, gamified features and strong social elements to deliver an engaging, adaptive learning experience. LAIX provides a variety of courses inspired by a broad range of topics and culture themes to make English learning more interesting and is committed to offering a fun, interactive learning environment to motivate and engage its users.
For more information, please visit: http://ir.laix.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under 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," "confident," "potential," "continue" or other similar expressions. LAIX may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about LAIX's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a variety of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LAIX's goals and strategies; LAIX's future business development, results of operations and financial condition; the expected growth of the education market; LAIX's ability to monetize the user base; fluctuations in general economic and business conditions in China; the potential impact of the COVID-19 to LAIX's business operations; PRC governmental policies, laws and regulations relating to the Company's industry and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
LAIX Inc.
Jiazhuo Zheng
Investor Relations
E-mail: ir@laix.com
The Piacente Group Investor Relations
Brandi Piacente
Tel: +1-212-481-2050
E-mail: liulishuo@tpg-ir.com
Emilie Wu
Tel: +86-21-6039-8363
E-mail: liulishuo@tpg-ir.com
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SOURCE LAIX Inc.
FAQ
What recent proposal did LAIX Inc. announce on August 6, 2021?
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