Full Press Release Details
Bio Granted Continued Listing by NASDAQ Hearing Panel,
to Meeting $1 Bid Price Compliance Rule On or Before Nov. 23, 2022
Philadelphia, PA, November 4,
2022 - AnPac Bio-Medical Science Co., Ltd. ("AnPac Bio," the "Company" or "we") (ANPC), a biotechnology
company with operations in the United States and China focused on early cancer screening and detection, announced that on October
31, 2022, the Company has been notified by the Nasdaq Hearings Panel of the Listing Qualifications Department of The Nasdaq Stock
Market LLC ("Nasdaq") that the Company's request for continued listing on The Capital Market has been granted, subject
On or before November 23, 2022, the Company shall demonstrate
compliance with Listing Rule 5550(a)(2), the $1 Bid Price Rule. In order to fully comply with the terms of this exception, the Company
must be able to demonstrate compliance with all requirements for continued listing on The Nasdaq Stock Market. In the event the Company
is unable to do so, its securities may be delisted from The Nasdaq Stock Market.
The decision was made by the Nasdaq Hearings Panel following a hearing
held on October 20, 2022, during which the Company presented its plan (including share reverse split) to regain compliance with $1 Bid
Rule. In the meantime, the Company will continue to be listed and its shares will continue to be traded on Nasdaq, pending a final written
decision by the Nasdaq Hearings Panel after November 23, 2022.
On September 16, 2022, the Company filed a request for a hearing before
the NASDAQ Hearings Panel to present its financial data including Shareholders' Equity and plan with the applicable listing requirements.
This request was due to a Staff determination letter (the "Letter") on September 9, 2022 from the Listing Qualifications
Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company of the Staff's determination to delist the
Company's securities from The Nasdaq Capital Market due to the Company's failure to regain compliance with the $1 per share
bid price requirement of Listed Securities required for continued listing as set forth in Listing Rule 5450(a)(1) (the "$1 Bid
Rule"), following the 180 calendar day compliance period set forth in Listing Rule 5810(c)(3)(A) (the "Compliance Period").
On September 16, 2022, Company received a letter from Nasdaq granting the appeal and scheduling the Nasdaq Hearings Panel for October
On September 9, 2022, the Company received a Staff determination letter
(the "Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying
the Company of the Staff's determination to delist the Company's securities from The Nasdaq Capital Market due to its failure
to regain compliance with the $1 Bid Rule within the 180-calendar day Compliance Period. Earlier, on March 8, 2022, Nasdaq staff notified
the Company that the bid price of its listed security had closed at less than $1 per share over the previous 30 consecutive business
days, and, as a result, did not comply with the $1 Bid Rule. In accordance with Listing Rule 5810(c)(3)(A), the Company was provided
180 calendar days, or until September 5, 2022, to regain compliance with the $1 Bid Rule. Since then, the Company had not regained compliance
with the $1 Bid Rule, and Nasdaq staff believed that the Company was not eligible for a second 180-day Compliance Period because Nasdaq
staff believed that the Company had not demonstrated compliance with the minimum $5,000,000 Shareholders' Equity initial listing
requirement for The Nasdaq Capital Market. Nasdaq had written to the Company earlier that if Company had a Shareholders' Equity
above $5,000,000, it might obtain another 180-day period.
AnPac Bio is a biotechnology company focused on early cancer screening
and detection, with 155 issued patents as of March 31, 2022. With two certified clinical laboratories in China and one CLIA and CAP accredited
clinical laboratory in the United States, AnPac Bio performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation
Analysis), bio-chemical, immunological, and genomics tests. According to a report by Frost & Sullivan, AnPac Bio ranked first globally
in multi-cancer screening and detection test sample volume (accumulative to January 2021). AnPac Bio's CDA technology platform
has been shown in retrospective validation studies to be able to detect the risk of over 20 different cancer types with high sensitivity
investor and media inquiries, please contact:
Case, Marketing and Investor Relations
+1-267-810-6776 (US)
Email: phil_case@AnPacbio.com
Investor Relations LLC
Tina Xiao, President
Phone: +1-917-609-0333 (US)
Email: tina.xiao@ascent-ir.com
announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements are made under the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and are relating to the Company's future financial and operating performance. The Company
has attempted to identify forward-looking statements by terminologies including "believes," "estimates," "anticipates,"
"expects," "plans," "projects," "intends," "potential," "target,"
"aim," "predict," "outlook," "seek," "goal" "objective," "assume,"
"contemplate," "continue," "positioned," "forecast," "likely," "may,"
"could," "might," "will," "should," "approximately" or other words that convey
uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations,
assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control.
These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results
to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and
other factors include, but are not limited to, our ability to comply with Nasdaq Listing Rules, the implementation of our business model
and growth strategies; trends and competition in the cancer screening and detection market; our expectations regarding demand for and
market acceptance of our cancer screening and detection tests and our ability to expand our customer base; our ability to obtain and
maintain intellectual property protections for our CDA technology and our continued research and development to keep pace with technology
developments; our ability to obtain and maintain regulatory approvals from the NMPA, the FDA and the relevant U.S. states and have our
laboratories certified or accredited by authorities including the CLIA; our future business development, financial condition and results
of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; general economic and
business conditions in China and elsewhere; our ability to hire and maintain key personnel; our relationship with our major business
partners and customers; and the duration of the coronavirus outbreaks and their potential adverse impact on the economic conditions and
financial markets and our business and financial performance, such as resulting from reduced commercial activities due to quarantines
and travel restrictions instituted by China, the U.S. and many other countries around the world to contain the spread of the virus. Additionally,
all forward-looking statements are subject to the "Risk Factors" detailed from time to time in the Company's most recent
Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission. Because of these and other risks, uncertainties
and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as
of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly
any forward-looking statements for any reason.