111, Inc. Announces Appointment of Independent Financial Advisor and Legal Counsel to the Special Committee
111, Inc. (NASDAQ: YI) has formed a Special Committee comprising three independent directors to evaluate a preliminary non-binding proposal dated September 9, 2022, and potential strategic alternatives. The committee has engaged Houlihan Lokey China Limited as an independent financial advisor and Kirkland & Ellis as U.S. legal counsel. The Board advises shareholders that no decisions regarding the Proposal or any alternatives have yet been made, and no assurance is provided for any definitive agreements. The company continues to focus on connecting patients with healthcare services through its innovative platforms.
- Formation of Special Committee for strategic evaluation.
- Engagement of reputable advisors, enhancing credibility in decision-making.
- No definitive agreements reached suggesting potential uncertainty.
- Shareholder caution advised indicates possible instability in future transactions.
SHANGHAI, Sept. 23, 2022 /PRNewswire/ -- 111, Inc. ( "111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company in China, announced today that the special committee (the "Special Committee"), consisting of three independent directors, Mr. Jian Sun, who is the chairman of the Special Committee, Mr. Nee Chuan Teo and Mr. Jun Luo, established by the Company's Board of Directors (the "Board") has retained Houlihan Lokey China Limited as its independent financial advisor and Kirkland & Ellis as its U.S. legal counsel in connection with its review and evaluation of the previously announced preliminary non-binding proposal letter dated September 9, 2022 (the "Proposal") as well as other potential strategic alternatives that the Company may pursue.
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 or any alternative strategic option that the Company may pursue. 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 any other comparable 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 111
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.
For more information on 111, please visit: http://ir.111.com.cn/.
Forward-Looking Statements
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 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. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria, fluctuations in general economic and business conditions in the PRC; the potential impact of the COVID-19 to 111's business operations; PRC governmental policies, laws and regulations relating to the Company's industry and the economy in the and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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SOURCE 111, Inc.
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