SHANGHAI - 111, Inc. (NASDAQ: YI), a prominent tech-enabled healthcare platform in China, today announced the withdrawal of its previously stated intentions to go private. The decision was communicated through a formal notice from a consortium led by co-founders Dr. Gang Yu and Mr. Junling Liu, along with several other investors.
The consortium had initially put forth two separate non-binding proposals on September 9, 2022, and October 29, 2022, outlining their plans to take the company private. However, as of today, the consortium has ceased negotiations with the special committee of the company's board of directors regarding the potential transactions outlined in the proposals.
This announcement marks a significant shift from the consortium's earlier ambitions to restructure the ownership of 111, Inc. The company, which operates an extensive virtual pharmacy network in China and provides a range of healthcare services through its online and offline platforms, has not disclosed the reasons behind the withdrawal.
Investors and market watchers had been monitoring the situation closely since the initial proposal, as going private could have had substantial implications for the company's future strategy and operations. The termination of these discussions indicates that 111, Inc. will continue to operate as a publicly-traded entity on the NASDAQ.
This update is based on a press release statement from 111, Inc.
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