BEIJING, July 22, 2019 /PRNewswire/ -- Gridsum Holding
Inc. ("Gridsum" or "Company") (NASDAQ: GSUM), a leading provider of
cloud-based big-data analytics and artificial intelligence
("AI") solutions in China, today
announced that in response to the non-binding proposal received by
the Company's Board of Directors on July 15,
2019 (the "Proposal") from Guosheng Qi, Guofa Yu, their respective affiliated entities,
and Beta Dynamic Limited, the Board of Directors of Gridsum has
formed a special committee (the "Special Committee") comprised of
three independent directors Mr. Dannis
Cheuk Yin Lee, Mr. Xudong Gao
and Mr. Feng Lu, to evaluate the
Proposal and any other alternative transactions. Mr. Lee has been
appointed as Chairman of the Special Committee.
No decisions have been made by the Special Committee with
respect to the Company's response to the Proposal or any other
alternative transaction. The Special Committee has not set a
definitive timetable for the completion of its evaluation of the
Proposal or any other alternative transaction, and does not
currently intend to announce developments unless and in the event a
definitive agreement has been reached. There can be no assurance
that any definitive offer will be made, that any agreement will be
executed or that the transactions contemplated by the Proposal or
any other alternative transaction will be approved or
consummated.
About Gridsum
Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider
of cloud-based big-data analytics and AI solutions
for multinational and domestic enterprises and government agencies
in China. Gridsum's core
technology, the Gridsum Big Data Platform and the Gridsum
Prophet: Enterprise AI Engine, is built on a distributed computing
framework and performs real-time multi-dimensional correlation
analysis of both structured and unstructured data. This enables
Gridsum's customers to identify complex relationships within their
data and gain new insights that help them make better business
decisions. The Company is named "Gridsum" to symbolize the
combination of distributed computing (Grid) and analytics (sum). As
a digital intelligence pioneer, the Company's mission is to help
enterprises and government organizations in China use data in new and powerful ways to
make better informed decisions and be more productive.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements can be identified by terminology such as
"may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. These forward-looking statements involve known
and unknown risks and uncertainties and are based on current
expectations and assumptions about Gridsum and the preliminary
non-binding proposal. Further information regarding risks and
uncertainties faced by Gridsum is included in Gridsum's annual
report on Form 20-F and other reports filed with, or
furnished to, the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Gridsum undertakes no duty to update such
information except as required under applicable law.
Investor Relations
Gridsum
ir@gridsum.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com
In U.S.
Mr. Tip Fleming
Phone: +1 917 412 3333
Email: tfleming@christensenir.com
View original
content:http://www.prnewswire.com/news-releases/gridsum-announces-formation-of-a-special-committee-to-evaluate-non-binding-proposal-300888424.html
SOURCE Gridsum Holding Inc.