Full Press Release Details
Hearing Panel Grants AnPac Bio's Request to Transfer Securities from The Nasdaq Global Market to The Nasdaq Capital Market
PA, May 6, 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 Hearings Panel (the "Panel") has granted the request of AnPac Bio to transfer the Company's American
Depositary Shares from The Nasdaq Global Market to The Nasdaq Capital Market, effective May 6, 2022 and to continue its listing on The
Nasdaq Stock Market, subject to various conditions. The Nasdaq Capital Market has lower listing requirements than those of The Nasdaq
Global Market, while both are a part of The Nasdaq Stock Market.
terms of the decision, the Panel has stated that on or before May 31, 2022, the Company must evidence compliance with The Nasdaq Capital
Market's $2.5 million stockholder's equity requirement, by filing a Form 6-K with the U.S. Securities and Exchange Commission,
containing: 1) a description of the completed transactions or events that enabled the Company to satisfy the stockholder's equity
requirement for continued listing; and 2) a balance sheet, no older than 60 days with pro forma adjustments for any significant transactions
or events occurring on or before the report date, which evidences compliance with the stockholders' equity requirement; and 3)
a disclosure that the Company believes it also satisfies the stockholders' equity requirement as of the report date. The transfer
to The Nasdaq Capital Market does not resolve the dollar bid requirement, which remains outstanding.
to fully comply with the terms of this decision, the Company must be able to demonstrate compliance with all applicable requirements
for continued listing on The Nasdaq Capital Market by May 31, 2022. In that regard, the Company is currently in a grace period
for the $1 bid price requirement that runs through September 5, 2022. As a result, the Company does not have to regain compliance with
the bid price requirement in order to satisfy the decision. Companies listed on The Nasdaq Capital Market may be eligible for a second
180-day grace period for bid price if they meet certain standards, including a demonstration that stockholders' equity is at least
$5 million. In the event the Company is unable to meet the terms of the decision,
the Company may seek a further extension from the Panel not to exceed September 20, 2022; however, there can be no assurance that
the Panel would grant a further extension or that the Company will return to compliance..
Bio is a biotechnology company focused on early cancer screening and detection, with 150 issued patents as of September 30, 2021. 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.