Full Press Release Details
Bio Regains Compliance with Requirements to Remain Listed on Nasdaq Capital Market
PA, June 10, 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 The Nasdaq Stock Market LLC ("Nasdaq") notified the Company on June 9, 2022 that Nasdaq has determined the Company has
regained compliance with the requirements to remain listed in The Nasdaq Capital Market, as required by a hearing panel's decision
dated May 4, 2022, subject to a one-year Mandatory Panel Monitor of the Company's ongoing compliance with such requirements.
May 31, 2022, the Company filed a Form 6-K (the "Filing") with the SEC, including unaudited financial statements, and
referencing the receipt of proceeds from the sale of the Company's ordinary shares to certain investors in May 2022. On an
adjusted basis, the Company's pro forma balance sheet reported stockholders' equity of $7,442,000, as of May 31, 2022. In addition,
the Company represented in the Filing that it complies with the minimum $2.5 million stockholders' equity required for
continued listing on The Nasdaq Capital Market as of the report date. Accordingly, the Company complied with the terms of the
panel's decision dated May 4, 2022.
to Listing Rule 5815(d)(4)(B), the Company will be subject to a Mandatory Panel Monitor for a period of one year from June 9, 2022. If,
within that one-year monitoring period, Listing Qualifications staff ("Staff") finds the Company again out of compliance
with the requirement that was the subject of the exception, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide
the Staff with a plan of compliance with respect to that deficiency and Staff will not be permitted to grant additional time for the
Company to regain compliance with respect to that deficiency, nor will the company be afforded an applicable cure or compliance period
pursuant to Rule 5810(c)(3). Instead, Staff will issue a Staff Delist Determination and the Company will have an opportunity to request
a new hearing with the initial Hearings Panel or a newly convened Hearings Panel if the initial Hearings Panel is unavailable. The Company
will have the opportunity to respond/present to the Hearings Panel as provided by Listing Rule 5815(d)(4)(C). If the hearing is unsuccessful,
the Company's securities may be at that time delisted from Nasdaq.
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 and specificity.
more information, please visit: https://www.Anpacbio.com.
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.