Full Press Release Details
Appointment of Independent Financial Advisor and Legal Counsel to the Special Committee
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.
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.
(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
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.
For further information:
Email: ir@111.com.cn
Email: press@111.com.cn
Phone: +86-021-2053 6666 (China)