GAITHERSBURG, Md., April 29,
2024 /PRNewswire/ -- YS Biopharma Co., Ltd. (Nasdaq:
YS) ("YS 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 that it
received an extension of 180 calendar days (the "Extension Notice")
from The Nasdaq Stock Market LLC ("Nasdaq") to regain compliance
with the Nasdaq's minimum $1.00 bid
price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for
continued listing on The Nasdaq Capital Market (the "Bid Price
Requirement"), following the expiration of the initial 180 calendar
days period to regain compliance on April
22, 2024.
As previously announced, the Company received a written
notification from Nasdaq dated October 24,
2023, indicating that because the closing bid price of the
Company's ordinary shares for the last 31 consecutive business days
was below $1.00 per share, the
Company was not in compliance with the Bid Price Requirement, and
Nasdaq granted the Company a period of 180 calendar days, or until
April 22, 2024, to regain compliance
with the Bid Price Requirement.
As of the date hereof, the Company has not regained
compliance with the Bid Price Requirement. That being said,
pursuant to the Extension Notice, the Company is eligible for an
additional 180 calendar day period, or until October 21, 2024, to regain compliance with the
Bid Price Requirement. To regain compliance, the Company's ordinary
shares must have a closing bid price of at least US$1.00 per share for a minimum of 10 consecutive
business days, at which point the matter will be closed. In the
event that the compliance cannot be demonstrated by October 25, 2024, the staff of Nasdaq will
provide written notification that the Company's securities will be
delisted.
The Company intends to monitor the closing bid price of its
ordinary shares between now and October 21,
2024 and is considering its options in order to regain
compliance with the Bid Price Requirement. The Extension Notice
does not affect the Company's business operations, its U.S.
Securities and Exchange Commission reporting requirements, or its
contractual obligations.
About YS Group
YS Group 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. YS Biopharma 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.ysbiopharma.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 YS Biopharma, the development progress of all product
candidates, the progress and results of all clinical trials, YS
Biopharma's ability to source and retain talent, and the cash
position of YS Biopharma. Forward-looking statements may be
identified by the use of words such as "estimate," "plan,"
"project," "forecast," "intend," "will," "expect," "anticipate,"
"believe," "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 YS Biopharma's management and are
not predictions of actual performance.
YS 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
Post-effective Amendment No. 2 to the Company's Registration
Statement on Form F-1 filed with the SEC on January 23, 2024, and other filings with the SEC.
There may be additional risks that YS Biopharma does not presently
know or that YS 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 YS
Biopharma as of the date of this press release. Subsequent events
and developments may cause those views to change. However, while YS
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 YS
Biopharma as of any date subsequent to the date of this press
release. Except as may be required by law, YS Biopharma does not
undertake any duty to update these forward-looking statements.
Investor Relations Contact
Alyssa Li
Director of Investor Relations
Email: ir@yishengbio.com
Robin Yang
Partner, ICR, LLC
Tel: +1 (212) 537-4035
Email: YSBiopharma.IR@icrinc.com
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