Full Press Release Details
Biopharma Announces Results of Extraordinary General Meeting and Responds to False Statements about the Meeting
Md., Feb. 16, 2024 /PRNewswire/ -- YS Biopharma Co., Ltd. (Nasdaq: YS) ("YS 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 February 16, 2024 in Seattle, United States. The Company's shareholders voted against each of the following resolutions:
of the close of business on the EGM's record date of February 8, 2024, the Company had 188,327,959 ordinary shares issued and outstanding.
Members holding 97,272,542 ordinary shares cast their votes at the EGM. The results of the vote on each of the resolutions submitted
for shareholder approval at the EGM were zero vote in favor and 97,272,542 votes against.
Company also cautions investors not to rely on the false, unsubstantiated and misleading statements made by Mr. Yi Zhang and his associates
regarding the EGM and the Company contained in the document available here: https://www.prnewswire.com/news-releases/shareholders-led-by-yi-zhang-announce-successful-results-of-removal-of-directors-and-election-of-new-directors-of-ys-biopharma-co-ltd-302064477.html.
Pursuant to Article 63 of the Company's Articles of Association (the "Articles"), the Chairperson of the Board of Directors
of the Company (the "Board") shall preside as Chairperson at the EGM. Further, Article 88 of the Articles permits a director
to attend and be heard on any motion for his removal. Dr. Ajit Shetty, chairperson of the Board, and Dr. Hui Shao, a director of the
Company, were denied rightful entry to the offices of DLA Piper LLP (US), 701 5th Avenue #6900, Seattle, WA 98104, United States where
the EGM was originally to be held.
On February 16, 2024, the Company obtained an injunction order from the Grand Court of the Cayman Islands which restrain Mr. Yi Zhang,
Ms. Nan Zhang, Ms. Yun (Monica) Zhang, Mr. Lui Chi Keung and Mr. Jing Xian Li from:
A copy of the injunction order has been posted on the Company's "Investor Relations" website at https://investor.ysbiopharm.com/static-files/1c2b506b-557c-42bd-8045-c654e9bf6344.
Biopharma is a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and commercializing new generations
of vaccines and therapeutic biologics for infectious diseases and cancer. It has developed a proprietary PIKA immunomodulating technology
platform and a series of preventive and therapeutic biologics with a potential for improved Rabies, Coronavirus, Hepatitis B, Influenza,
and Shingles vaccines. YS Biopharma 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 bio-pharmaceutical industry. For more information, please visit investor.ysbiopharm.com.
Statement Regarding Forward-Looking Statements
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 the Company, the development progress of all product candidates, the progress
and results of all clinical trials, the Company's ability to source and retain talent, and the cash position of the Company following
the closing of the Business Combination. 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 YS Biopharma's management and are not predictions of actual performance.
statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements
to be materially different from those expressed or implied by these forward-looking statements. Although YS Biopharma believes that it
has a reasonable basis for each forward-looking statement contained in this press release, YS Biopharma cautions you that these statements
are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition,
there are risks and uncertainties described in the documents filed by YS Biopharma from time to time with the U.S. Securities and Exchange
Commission ("SEC"). These filings may identify and address other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the forward-looking statements.
Biopharma cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking
statements are subject to a number of risks and uncertainties, including, among others, the outcome of any potential litigation, government
or regulatory proceedings, the sales performance of the marketed vaccine product and the clinical trial development results of the product
candidates of YS Biopharma, and other risks and uncertainties, including those included under the heading "Risk Factors" in
the post-effective amendment No. 2 to Form F-1 filed with the SEC on January 23, 2024 which became effective on January 25, 2024, and
other filings with the SEC. There may be additional risks that YS Biopharma does not presently know or that YS 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 YS Biopharma as of the date
of this press release. Subsequent events and developments may cause those views to change. However, while YS 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 YS Biopharma as of any date subsequent to
the date of this press release. Except as may be required by law, YS Biopharma does not undertake any duty to update these forward-looking