GAITHERSBURG, Md., July 5, 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 that the Company received a shareholders' requisition
dated June 14, 2024, issued by
certain shareholders of the Company holding shares which carry in
aggregate not less than 10% of all votes attaching to all issued
and outstanding shares of the Company, including Yi Zhang, All Brilliance Investments Limited,
Apex Pride Global Limited, Hopeful World Company Limited, and Acton
Town International Limited (together, the "Requisitioning
Shareholders"), requesting the directors of the Company to convene
an extraordinary general meeting (the "EGM") of the Company (the
"Requisition") to provide explanations to the shareholders of the
Company on matters as described below:
- The circumstances leading to the filing of the United States
Securities and Exchange Commission Form 6-K Report, filed on
June 10, 2024 (the "SEC Report"),
including the reasons for the resignation of each of the former
directors specified in the SEC Report.
- The justification for establishing new subsidiaries of the
Company, including Lakeshore Tech Hong Kong Limited and Huan
Yuanhang Technology (Beijing) Co.,
Ltd. The purpose of establishing these new subsidiaries, the
related costs, the intended operations of each entity, and if any
assets or personnel are intended to be transferred from the Company
to any of the subsidiaries.
- The reasons leading to the conclusion that "[t]aking into
account the financial resources available to the Company and
Liaoning Yisheng, the Company does not expect the arbitration
proceedings and related asset preservation order to have a material
adverse impact on its business, financial condition and results of
operations. The Company is in the course of evaluating its options
to protect the legitimate interests of the Company and its
shareholders through legal means" in the SEC Report.
The Board has reviewed the Requisition and decided to convene an
EGM (the "Proposed EGM") at 10:00
a.m. Hong Kong Time on July 25,
2024, virtually via a Zoom video conference call. The
Proposed EGM will be held for the sole purpose of providing
information as requested by the Requisitioning Shareholders. A copy
of the notice of the Proposed EGM posted to the Company's website
will be attached as an exhibit to the Current Report on Form 6-K to
be furnished by the Company with the United States Securities and
Exchange Commission today.
The close of business on July 15, 2024
(Eastern Time) has been fixed as the record date of ordinary
shares of the Company, par value $0.00002 per share for the EGM. Holders of record
of the Company's ordinary shares as of the record date shall be
entitled to vote and have their votes counted at the EGM and any
adjourned meeting thereof.
Instructions for accessing the video conference call are as
follows:
Zoom dial-in details:
Meeting URL:
https://us06web.zoom.us/j/6195900008?pwd=OTEvOGtnNFVpaUdBUkdRRlp4Y0txUT09
Meeting ID: 619 590 0008
Passcode: 666666
About LakeShore Biopharma (formerly known as YS
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
https://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," "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
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 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 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
Alyssa Li
Director of Investor Relations
Email: ir@lakeshorebio.com
Robin Yang
Partner, ICR, LLC
Tel: +1 (212) 537-4035
Email: LakeShoreBiopharma.IR@icrinc.com
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SOURCE LakeShore Biopharma Co., Ltd