BEIJING, Feb. 22, 2021 /PRNewswire/ -- Gridsum Holding
Inc. ("Gridsum" or the "Company") (NASDAQ:GSUM), a leading provider
of cloud-based big-data analytics and artificial intelligence
("AI") solutions in China, today
announced that at an extraordinary general meeting of shareholders
held today, the Company's shareholders voted in favor of, among
other things, the proposal to authorize and approve (i) the
previously announced agreement and plan of merger, dated as of
September 30, 2020 (the "Merger
Agreement"), by the Company, Gridsum Corporation ("Parent"), and
Gridsum Growth Inc. ("Merger Sub"), pursuant to which Merger Sub
will merge with and into the Company, with the Company continuing
as the surviving company and becoming a wholly owned subsidiary of
Parent (the "Merger"), (ii) the plan of merger required to be filed
with the Registrar of Companies of the Cayman Islands (the "Plan of Merger"), and
(iii) the transactions contemplated by the Merger Agreement and the
Plan of Merger, including the Merger.
Approximately 98% of the Company's total outstanding Class A
ordinary shares and Class B ordinary shares, per value US$ 0.001 per share (each, a "Class A Share" and
"Class B Share," respectively), including Class B Shares
represented by the Company's American depositary shares (the
"ADSs"), attended the extraordinary general meeting by proxy or in
person. Each shareholder has ten votes for each Class A Share held,
or one vote for each Class B Share held. These shares represented
approximately 99% of the total outstanding votes represented by the
Company's total ordinary shares outstanding as of the close of
business in the Cayman Islands on
the share record date of February 8,
2021. The Merger Agreement, the Plan of Merger and the
transactions contemplated thereby, including the Merger, were
approved by over 99% of the total votes cast at the extraordinary
general meeting.
Completion of the Merger is subject to the satisfaction or
waiver of the closing conditions set forth in the Merger Agreement.
The Company will work with the other parties to the Merger
Agreement towards satisfying the closing conditions and complete
the Merger in a timely manner. If and when the Merger is completed,
the Company will become a private company and its ADSs will no
longer be listed or traded on any stock exchange, and the Company's
ADS program will be terminated.
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.
For more information, please visit http://www.gridsum.com/.
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. Forward-looking statements involve inherent
risks and uncertainties. Many factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the substantial doubt about
the Company's ability to continue as a going concern, duration and
impact of the COVID-19 pandemically, uncertainties as to the
possibility that financing for the Merger may not be available, the
possibility that various closing conditions for the Merger may not
be satisfied or waived, and other risks and uncertainties discussed
in documents filed with the U.S. Securities and Exchange Commission
by the Company. Further information regarding these and other risks
is included in the Company's filings with the SEC. 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. Eric Yuan
Phone: +86-10-5900-1548
Email: Eyuan@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-holding-inc-announces-shareholders-approval-of-merger-agreement-301232253.html
SOURCE Gridsum Holding Inc.