111 Inc. receives going-private proposal at $4.52 per ADS

Shanghai-based 111 Inc. (NASDAQ:YI) announced it has received an unsolicited proposal to acquire the company in a going-private transaction. The proposal, submitted by Dr. Gang Yu, Mr. Junling Liu, and Huadeng Tech BioArray Ventures Ltd., aims to purchase all outstanding Class A ordinary shares not already owned by the buyer group.

The offer values each American depositary share at $4.52, with each ADS representing twenty Class A shares. The buyer plans to finance the deal using equity capital, including rollover equity and cash contributions. However, 111 Inc.'s Board has not yet reviewed the proposal and has not decided whether to respond. The company advises shareholders to refrain from trading its securities until a definitive offer is made.

111 Inc. functions as a tech-driven healthcare platform in China, offering online pharmaceutical sales through its retail pharmacy and virtual pharmacy network, as well as internet-based healthcare services. The company has no obligation to provide updates on the proposal, other than required by law, and will file a current report on Form 6-K with the U.S. Securities and Exchange Commission, including the proposal letter as an annex.