DUBAI, UAE, May 19, 2021 /PRNewswire/ -- Yalla Group Limited
("Yalla" or the "Company") (NYSE: YALA), the leading voice-centric
social networking and entertainment platform in the Middle East and North Africa (MENA), today announced that it
became aware of certain short attack reports that contain numerous
errors and distorted, misleading and unsubstantiated claims
regarding the Company. The Company firmly denies any allegation or
claim suggesting that the Company did not provide true and accurate
public disclosure about its business and financial performance. The
Company stands firmly by the accuracy and appropriateness of its
audited financial statements and other public disclosure filed with
the Securities and Exchange Commission and otherwise publicly
disclosed to its investors.
The Company believes these short attacks were purposefully
designed to manipulate the price of the Company's shares, with the
aim of causing a stock price decline in order to economically
benefit the short sellers, to the detriment of the Company's public
shareholders. These short attack reports also illustrated their
authors' lack of understanding of the Company's business model and
the feelings and sentiments of the Company's user community. Yalla
will consider any necessary and appropriate course of action to
protect the interest of the Company and all of its shareholders, as
well as its users, employees and
other stakeholders.
The Company emphasizes that it has always been and will remain
committed to maintaining high standards of corporate governance and
internal control, as well as transparent and timely disclosure in
compliance with the applicable rules and regulations of the
Securities and Exchange Commission and the New York Stock
Exchange.
About Yalla Group Limited
Yalla Group Limited is the leading voice-centric social
networking and entertainment platform in the Middle East and Northern Africa (MENA). The Company's flagship
mobile application, Yalla, is specifically tailored for the people
and local cultures of the region and primarily features Yalla
rooms, a mirrored online version of the majlis or cafés where
people spend their leisure time in casual chats. Voice chats are
more suitable to the cultural norms in MENA compared to video
chats. The Company strives to maintain users' equal status on its
platform, thereby encouraging all users to freely communicate and
interact with each other. The Company also operates Yalla Ludo, a
mobile application featuring online versions of board games that
are highly popular in MENA, such as Ludo and Domino. In-game
real-time chats and Ludo chat room functions are popular social
networking features among users. Through close attention to detail
and localized appeal that deeply resonates with users, Yalla's
mobile applications deliver a seamless user experience that fosters
a loyal sense of belonging, creating a highly devoted and engaged
user community.
For more information, please visit: http://ir.yallatech.ae/
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to 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," "likely to"
and similar statements. Statements that are not historical facts,
including statements about Yalla Group Limited's beliefs, plans and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in Yalla
Group Limited's filings with the SEC. All information provided in
this press release is as of the date of this press release, and
Yalla Group Limited does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
Yalla Group Limited
Investor Relations
Kerry Gao - IR Director
Tel: +86-571-8980-7962
Email: ir@yallatech.ae
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com
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SOURCE Yalla Group Limited