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.