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SECOND EXTENSION OF letter of Lock-Up Undertaking Date: ____________________ From: ____________________ (the " Optionee ") To: Regencell Bioscience Holdings Limited (the " Company ") References are made in this second ex

Key Takeaway: Regencell Bioscience Holdings Limited has announced a second extension of its lock-up undertaking agreement. The optionee has agreed to extend the lock-up period for an additional six months, which will now last until January 20, 2024. This extension aims to provide stability and prevent the premature sale of shares, thus supporting shareholder confidence post-IPO. The terms are governed by New York law.
Price reaction · baseline $0.5921 (2023-06-02 close) · clean, no other RGC news in the window
day 0 close · peak
+22.1%
day 1
+8.9%
day 3
+4.5%

Market Sentiment Analysis

POSITIVE FACTORS

  • The extension provides additional time for the optionee, potentially enhancing stability.
  • This move may help Regencell manage its share price effectively.
  • The lock-up period reflects a commitment to maintaining shareholder confidence.

Full Press Release Details

EXTENSION OF letter of Lock-Up Undertaking
Date: ____________________
From: ____________________ (the
To: Regencell Bioscience Holdings Limited (the
References are made in
this second extension of letter of lock-up undertaking (this "Second Extension of Lock-Up Undertaking") to (i) an
agreement of option to purchase ordinary share of Regencell Bioscience Holdings Limited
the Company granted certain options (the "Options") to purchase ordinary shares of the Company in the amounts set
forth therein; (ii) a letter of lock-up undertaking by the Optionee dated , under which the Optionee undertook to the Company, within
the period of one year and six months immediately following the closing of the initial public offering of the Company, not to, and
to procure any entities controlled by the Optionee and any trusts of which the Optionee is a beneficiary not to, offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant for the sale of, or otherwise transfer or dispose of any of the Options or shares issued upon exercise of the Options (the
"Lock-up Undertaking"); and (iii) a letter of lock-up undertaking by the Optionee dated , under which the Optionee
undertook to the Company to extend the Lock-Up Undertaking for an additional six months (the "First Extension of the
Lock-Up Undertaking", and together with the Lock-up Undertaking, the "Lock-up Undertakings").
For good and valuable consideration
received by the Optionee from the Company, the Optionee hereby agrees to enter into this Second Extension of Lock-Up Undertaking to extend
the Lock-up Undertakings for an additional six months until January 20, 2024.
The laws of New York shall govern
the interpretation, validity, administration, enforcement and performance of the terms of this Second Extension of Lock-Up Undertaking
regardless of the law that might be applied under principles of conflicts of laws.
remainder of this page is intentionally left blank]
Witness Whereof, the Optionee has executed this letter agreement as of the date first set forth above.
[Name of Optionee]
Acknowledged by Regencell Bioscience Holdings Limited
Yat-Gai Au
Chief Executive Officer
Signature Page of the Letter of Lock-up Undertaking

Frequently Asked Questions

What is the purpose of the Second Extension of Lock-Up Undertaking?

It extends the initial lock-up agreements for an additional six months.

Who is involved in the Lock-Up Undertaking?

The Optionee and Regencell Bioscience Holdings Limited are involved.

How long is the extension period for the lock-up?

The lock-up is extended for another six months until January 20, 2024.

Which laws govern this Second Extension?

The laws of New York govern the interpretation and enforcement of the terms.

What options are mentioned in the document?

The document refers to options to purchase ordinary shares of Regencell.

Last updated: Jun 5, 2023