GAITHERSBURG, Md., Sept. 27,
2024 /PRNewswire/ -- LakeShore Biopharma Co., Ltd
(Nasdaq: LSB) ("LakeShore Biopharma" or the "Company"), a global
biopharmaceutical company dedicated to discovering, developing,
manufacturing, and delivering new generations of vaccines and
therapeutic biologics for infectious diseases and cancer, today
announced the results of its extraordinary general meeting (the
"EGM") held on September 27, 2024
(Beijing Time) virtually via a Zoom video conference call. The EGM
was called as part of the Company's efforts to regain compliance
with the minimum bid price requirement set forth under Nasdaq
Listing Rule 5450(a)(1).
The Company's shareholders voted in favor of each of the
following resolutions:
- With effect from October 1, 2024,
to consolidate every 10 (ten) ordinary shares, par value of
US$0.00002 each (whether issued or
unissued), into 1 (one) ordinary share, par value of US$0.0002 each (the "Share Consolidation"), such
that following the Share Consolidation, the authorized share
capital of the Company shall be changed
- FROM US$50,000 divided into
2,500,000,000 ordinary shares of a par value of US$0.00002 each
- TO US$50,000 divided into
250,000,000 ordinary shares of a par value of US$0.0002 each; and
no fraction of a share shall be issued by virtue of the Share
Consolidation, and all fractions of shares resulting from the Share
Consolidation will be rounded up to the nearest whole number of
shares and each shareholder that would otherwise be so entitled to
a fraction of a share shall instead, as a result of the Share
Consolidation, be entitled to receive a whole share.
- With effect immediately following the Share Consolidation, the
currently effective amended and restated memorandum and articles of
association of the Company (the "M&AA") be amended and restated
by their deletion in their entirety and the substitution in their
place of the second amended and restated memorandum and articles of
association of the Company (the "Restated M&AA"), in the form
attached as Exhibit A to the Notice of EGM.
In addition, it is expected that the Company's ordinary shares
will trade on a split-adjusted basis, beginning at the open of
trading on October 4, 2024, Eastern
Time. Immediately after the Share Consolidation, each
shareholder's percentage ownership interest in the Company and
proportional voting power will remain unchanged, except for minor
changes and adjustments that will result from the treatment of
fractional shares. Shareholders who are holding their shares in
electronic form at brokerage firms do not need to take any action,
as the effect of the Share Consolidation will automatically be
reflected in their brokerage accounts. The ordinary shares of the
Company will continue to be traded on Nasdaq under the symbol
"LSB."
About LakeShore Biopharma
LakeShore Biopharma, previously known as YS Biopharma, is a
global biopharmaceutical company dedicated to discovering,
developing, manufacturing, and delivering new generations of
vaccines and therapeutic biologics for infectious diseases and
cancer. It has developed a proprietary PIKA® immunomodulating
technology platform and a new generation of preventive and
therapeutic biologics targeting Rabies, Coronavirus, Hepatitis B,
Influenza, Shingles, and other virus infections. The Company
operates in China, the United States, Singapore, and the
Philippines, and is led by a management team that combines
rich local expertise and global experience in the biopharmaceutical
industry. For more information, please visit
investor.lakeshorebio.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical or current fact
included in this press release are forward-looking statements,
including but not limited to statements regarding the expected
growth of LakeShore Biopharma, the development progress of all
product candidates, the progress and results of all clinical
trials, LakeShore Biopharma's ability to source and retain talent,
and the cash position of LakeShore Biopharma. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "potential," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "goal," "seek," "target"
or other similar expressions that predict or indicate future events
or trends or that are not statements of historical matters. These
statements are based on various assumptions, whether identified in
this press release, and on the current expectations of LakeShore
Biopharma's management and are not predictions of actual
performance.
LakeShore Biopharma cannot assure you the forward-looking
statements in this press release will be accurate. These
forward-looking statements are subject to a number of risks and
uncertainties, including those included under the heading "Risk
Factors" in the Company's Annual Report on Form 20-F filed with the
Securities and Exchange Commission (the "SEC"), and other risks
described in documents subsequently filed or furnished by the
Company from time to time with the SEC. There may be additional
risks that LakeShore Biopharma does not presently know or that
LakeShore Biopharma currently believes are immaterial that could
also cause actual results to differ from those contained in the
forward-looking statements. In light of the significant
uncertainties in these forward-looking statements, nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. The forward-looking
statements in this press release represent the views of LakeShore
Biopharma as of the date of this press release. Subsequent events
and developments may cause those views to change. However, while
LakeShore Biopharma may update these forward-looking statements in
the future, there is no current intention to do so, except to the
extent required by applicable law. You should, therefore, not rely
on these forward-looking statements as representing the views of
LakeShore Biopharma as of any date subsequent to the date of this
press release. Except as may be required by law, LakeShore
Biopharma does not undertake any duty to update these
forward-looking statements.
Investor Relations Contact
Robin Yang
Partner, ICR, LLC
Tel: +1 (212) 537-4035
Email: LakeShoreBiopharma.IR@icrinc.com
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SOURCE LakeShore Biopharma Co., Ltd.