Full Press Release Details
Receives Additional 180 Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
GAITHERSBURG, Md., April 29, 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 that it received an extension of 180 calendar days (the "Extension Notice") from The
Nasdaq Stock Market LLC ("Nasdaq") to regain compliance with the Nasdaq's minimum $1.00 bid price requirement set forth
in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the "Bid Price Requirement"), following
the expiration of the initial 180 calendar days period to regain compliance on April 22, 2024.
As previously announced, the Company
received a written notification from Nasdaq dated October 24, 2023, indicating that because the closing bid price of the Company's
ordinary shares for the last 31 consecutive business days was below $1.00 per share, the Company was not in compliance with the Bid Price
Requirement, and Nasdaq granted the Company a period of 180 calendar days, or until April 22, 2024, to regain compliance with the Bid
As of the date hereof, the Company has
not regained compliance with the Bid Price Requirement. That being said, pursuant to the Extension Notice, the Company is eligible for
an additional 180 calendar day period, or until October 21, 2024, to regain compliance with the Bid Price Requirement. To regain compliance,
the Company's ordinary shares must have a closing bid price of at least US$1.00 per share for a minimum of 10 consecutive business
days, at which point the matter will be closed. In the event that the compliance cannot be demonstrated by October 25, 2024, the staff
of Nasdaq will provide written notification that the Company's securities will be delisted.
The Company intends to monitor the closing
bid price of its ordinary shares between now and October 21, 2024 and is considering its options in order to regain compliance with the
Bid Price Requirement. The Extension Notice does not affect the Company's business operations, its U.S. Securities and Exchange
Commission reporting requirements, or its contractual obligations.
YS Group 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.
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 biopharmaceutical industry. For more information, please visit investor.ysbiopharma.com.
Cautionary Statement Regarding Forward-Looking
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 YS Biopharma, the development progress of all product candidates, the progress and results of all clinical trials,
YS Biopharma's ability to source and retain talent, and the cash position of YS Biopharma. 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.
YS 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 Post-effective Amendment No. 2 to the Company's Registration
Statement on Form F-1 filed with the SEC on January 23, 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 statements.
Investor Relations Contact
Director of Investor Relations
Email: ir@yishengbio.com
Tel: +1 (212) 537-4035
Email: YSBiopharma.IR@icrinc.com