SHANGHAI, Aug. 17, 2021 /PRNewswire/ -- LAIX Inc. ("LAIX"
or the "Company") (NYSE: LAIX), an artificial intelligence (AI)
company in China that creates and
delivers products and services to popularize English learning,
today announced that the special committee (the "Special
Committee") of the Company's board of directors has retained
Houlihan Lokey (China) Limited as its financial advisor and
Kirkland & Ellis as its U.S. legal counsel in connection with
its review and evaluation of the previously announced non-binding
"going private" proposal from Dr.
Yi Wang, co-founder, chairman of the
Board and chief executive officer of the Company, Mr. Zheren Hu,
co-founder, director and chief technology officer of the Company,
Lin, co-founder, director and chief scientist of the
Company, and PCIL IV Limited (collectively, the "Buyer Group") that
the Board received on August 4, 2021
The Board cautions the Company's shareholders and others
considering trading the Company's securities that the Special
Committee is continuing its evaluation of the Transaction and other
strategic alternatives of the Company and that, at this time, no
decisions have been made by the Special Committee with respect to
the Company's response to the Transaction. There can be no
assurance that any definitive offer will be made by the Buyer
Group, that any agreement will be executed with the Buyer Group or
that the Transaction or any comparable transaction will be approved
or consummated. The Company does not undertake any obligation
to provide any updates with respect to the Transaction or any other
transaction, except as required under applicable law.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes," "estimates," "confident," "potential,"
"continue" or other similar expressions. LAIX may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
but not limited to statements about LAIX's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a variety
of factors could cause actual results to differ materially from
those contained in any forward-looking statement, including but not
limited to the following: LAIX's goals and strategies; LAIX's
future business development, results of operations and financial
condition; the expected growth of the education market; LAIX's
ability to monetize the user base; fluctuations in general economic
and business conditions in China; the potential impact of the
COVID-19 to LAIX's business operations; PRC governmental policies,
laws and regulations relating to the Company's industry and the
economy in China and elsewhere
generally; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in the Company's filings with the Securities and Exchange
Commission. All information provided in this press release is as of
the date of the press release, and the Company undertakes no duty
to update such information, except as required under applicable
LAIX Inc. ("LAIX" or the "Company") is an artificial
intelligence (AI) company in China
that creates and delivers products and services to popularize
English learning. Its proprietary AI teacher utilizes cutting-edge
deep learning and adaptive learning technologies, big data,
well-established education pedagogies and the mobile internet. LAIX
believes its innovative approach fundamentally transforms learning.
LAIX provides its products and services on demand via its mobile
apps, primarily its flagship "English Liulishuo" mobile app
launched in 2013. On the Company's platform, AI technologies are
seamlessly integrated with diverse learning content incorporating
well-established language learning pedagogies, gamified features
and strong social elements to deliver an engaging, adaptive
learning experience. LAIX provides a variety of courses inspired by
a broad range of topics and culture themes to make English learning
more interesting and is committed to offering a fun, interactive
learning environment to motivate and engage its users.
For more information, please visit: http://ir.laix.com.
For investor and media inquiries, please contact:
The Piacente Group Investor
SOURCE LAIX Inc.