Full Press Release Details
YS Biopharma Announces US$40 Million Private
GAITHERSBURG, Md., Feb.
9, 2024 /PRNewswire/ -- YS Biopharma Co., Ltd. (NASDAQ: YS) ("YS Biopharma") along with its subsidiaries ("YS Group"
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 that it has entered into a share
purchase agreement (the "Purchase Agreement") with an institutional investor (the "Purchaser") for the private placement
of 95,269,762 ordinary shares of the Company, par value US$0.00002 per share (the "Shares") at a purchase price of $0.41986
per Share (the "Private Placement") for an aggregate of US$40 million in proceeds.
Dr. David Shao, Director,
President, and CEO of the Company, commented, "We are proud to announce the US$40 million private placement, exclusively through
the issuance of ordinary shares. Through equity financing, without issuance of any warrants or options, we empower our investors with
direct ownership, aligning their interests with the interests of existing shareholders striving for the long-term success of YS Biopharma.
This infusion of capital significantly improves and strengthens our balance sheet. It bolsters our cash position, enhances liquidity,
and provides additional financial resources to support our core operations and business growth."
The Shares being purchased
are exempted from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") pursuant to
Regulation S promulgated thereunder. The Private Placement was made after the dismissal of the injunction order granted by the Grand
Court of the Cayman Islands dated December 22, 2023. The Purchase Agreement contains customary representations, warranties and covenants
of the Company and the Purchaser, and customary indemnification provisions for a transaction of this type. The Company also granted the
Purchaser customary registration rights with respect to the Shares. This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or
sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 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. 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
YS 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 those included under the heading "Risk Factors" in the Company's
most recent annual report on Form 20-F, as well as discussions of potential risks, uncertainties and other important factors in the Company's
subsequent 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
Email: YSBiopharma.IR@icrinc.com