Gridsum forms special committee to evaluate non-binding proposal
Gridsum announced that in response to the non-binding proposal received by the company's Board of Directors on July 15 from Guosheng Qi, Guofa Yu, their respective affiliated entities, and Beta Dynamic Limited, the Board of Directors of Gridsum has formed a special committee comprised of three independent directors Dannis Cheuk Yin Lee, Xudong Gao and Feng Lu, to evaluate the Proposal and any other alternative transactions. 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.