Benzinga | Nov 22, 2021 07:31AM EST

So-Young Announces Receipt Of A Preliminary Non-Binding Proposal To Acquire The Company For $6.89/Share

So-Young International Inc. (NASDAQ:SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter (the "Proposal Letter"), dated November 22, 2021, from Mr. Xing Jin, co-founder, Chairman of the Board and Chief Executive Officer of the Company, to acquire all of the outstanding Class A ordinary shares of the Company that are not already owned by Mr. Jin and his affiliates (the "Buyer Group") for a purchase price of $5.30 per American Depositary Share ("ADS," with every 13 ADSs representing 10 Class A ordinary shares), or US$6.89 per Class A ordinary share, in cash (the "Proposed Transaction"). A copy of the Proposal Letter is attached hereto as Exhibit A.

The Board has formed a special committee consisting of independent directors Messrs. Charles Zhaoxuan Yang, Chao He and Harry Jiannan Wang to evaluate and consider the Proposal Letter and the Proposed Transaction. The Company cautions that the Board has just received the Proposal Letter and has not made any decisions with respect to the Proposal Letter and the Proposed Transaction. There can be no assurance that the Buyer Group will make any definitive offer to the Company, that any definitive agreement relating to the Proposal Letter will be entered into between the Company and the Buyer Group, or that the Proposed Transaction or any other similar transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.