Full Press Release Details
LakeShore Biopharma Announces Results of Extraordinary
General Meeting on Share Consolidation
GAITHERSBURG, Md., Sept. 27, 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 the results of its extraordinary general meeting (the "EGM") held on September 27, 2024 (Beijing
Time) virtually via a Zoom video conference call. The EGM was called as part of the Company's efforts to regain compliance with
the minimum bid price requirement set forth under Nasdaq Listing Rule 5450(a)(1).
The Company's shareholders voted in favor of each of the following
no fraction of a share shall be issued by virtue of the Share
Consolidation, and all fractions of shares resulting from the Share Consolidation will be rounded up to the nearest whole number of shares
and each shareholder that would otherwise be so entitled to a fraction of a share shall instead, as a result of the Share Consolidation,
be entitled to receive a whole share.
In addition, it is expected that the Company's ordinary shares
will trade on a split-adjusted basis, beginning at the open of trading on October 4, 2024, Eastern Time. Immediately after the Share Consolidation,
each shareholder's percentage ownership interest in the Company and proportional voting power will remain unchanged, except for
minor changes and adjustments that will result from the treatment of fractional shares. Shareholders who are holding their shares in electronic
form at brokerage firms do not need to take any action, as the effect of the Share Consolidation will automatically be reflected in their
brokerage accounts. The ordinary shares of the Company will continue to be traded on Nasdaq under the symbol "LSB."
About LakeShore 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 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," "potential," "forecast,"
"intend," "will," "expect," "anticipate," "believe," "goal," "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 Company's Annual Report on Form 20-F filed with the Securities
and Exchange Commission (the "SEC"), and other risks described in documents subsequently filed or furnished by the Company
from time to time 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
Tel: +1 (212) 537-4035