SHANGHAI, Sept. 6,
2022 /PRNewswire/ -- LAIX Inc.
("LAIX" or the "Company") (OTC: LAIXY),
an artificial intelligence (AI) company in China that creates and delivers products and
services to popularize English learning, today announced that it
has set September 6, 2022 as the
record date for the dissemination of Rule 13e-3 Transaction
Statement on Schedule 13E-3 (as amended, the "Schedule 13E-3") and
the executed plan of merger (the "Plan of Merger") in connection
with a previously announced "going private" transaction
contemplated under an Agreement and Plan of Merger (the "Merger
Agreement") the Company entered into with Laix
Infinite Co. Ltd., an exempted company incorporated with
limited liability under the laws of the Cayman Islands ("Parent"), and Prilingo
Merger Limited, an exempted company incorporated with limited
liability under the laws of the Cayman
Islands and a wholly-owned subsidiary of Parent, on
June 17, 2022.
Holders of record of ordinary shares of the Company as of the
close of business on September 6,
2022 (Hong Kong time) will
each receive a copy of the Schedule 13E-3 and a copy of the Plan of
Merger. Holders of the Company's American depositary shares (the
"ADSs") as of the close of business on September 6, 2022 (New
York time) will each receive a copy of the Schedule 13E-3.
The Schedule 13E-3 and the Merger Agreement are available on the
Company's website at http://ir.laix.com as well as on the website
of the U.S. Securities and Exchange Commission at
http://www.sec.gov/. The Plan of Merger is substantially in the
form attached as Exhibit A to the Merger Agreement.
The merger is currently expected to close in October 2022 and is subject to the terms and
conditions set forth in the Merger Agreement. If completed, the
merger will result in the Company becoming a privately held
company, and its ADSs will no longer be quoted on the OTC Market,
and the Company's ADS program will be terminated.
About LAIX Inc.
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.
Forward-looking Statements
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;
PRC governmental policies, laws and regulations relating to the
Company's industry; the potential impact of the COVID-19 to LAIX's
business operations and the economy in China and elsewhere generally; the occurrence
of any event, change or other circumstances that could give rise to
the right of any party to terminate the definitive merger agreement
for the going-private transaction; the outcome of any legal
proceedings that may be instituted against LAIX Inc. or its
shareholders or directors; the ability to meet the closing
conditions to the merger and the going-private transaction; a delay
in closing the merger and the going-private transaction; business
disruptions from the proposed merger that will harm LAIX's
business, including current plans and operations; potential adverse
reactions or changes to business relationships resulting from the
announcement or completion of the merger and the going-private
transaction; certain restrictions during the pendency of the merger
and the going-private transactions that may impact LAIX's ability
to pursue certain business opportunities or strategic transactions;
the ability of LAIX to retain and hire key personnel; uncertainty
as to the long-term value of the ordinary shares of LAIX following
the merger and the going-private transaction; the continued
availability of capital and financing following the merger and the
going-private transaction; 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 U.S. 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 law.
For further information, please contact:
LAIX Inc.
Investor Relations
E-mail: ir@laix.com
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SOURCE LAIX Inc.