111 Says Consortium Led By Co-founder And Co-chairman Gang Yu Withdraws Going Private Proposal

(RTTNews) - Chinese tech-enabled healthcare platform 111, Inc. (YI) announced Tuesday that it has received a notice on behalf of the consortium comprising Dr. Gang Yu, co-founder and co-chairman of the Company, Mr. Junling Liu, co-founder, co-chairman and chief executive officer of the Company and certain other investors, stating that the Consortium would withdraw its preliminary non-binding going private proposal dated September 9, 2022 and preliminary non-binding going private proposal dated October 29, 2022.

The Consortium will formally terminate further negotiation with the special committee of the Company's board of directors regarding the transactions as contemplated by the proposals.