BEIJING, Oct. 9, 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 the special committee (the "Special Committee") of
the Company's board of directors (the "Board") has retained
Houlihan Lokey (China) Limited as its financial advisor in
connection with its review and evaluation of the preliminary
non-binding proposal received by the Board on July 15, 2019 (the "Proposal") from Guosheng Qi,
Guofa Yu, their respective
affiliated entities, and Beta Dynamic Limited, an affiliate of
Hammer Capital Private Investments Limited.
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
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SOURCE Gridsum Holding Inc.