CASI PHARMACEUTICALS COMPLETES REDOMICILIATION MERGER

Rhea-AI Summary

CASI Pharmaceuticals, Inc. (NASDAQ: CASI) has successfully completed a redomiciliation merger, transitioning the company to be incorporated in the Cayman Islands. As part of this move, each share of CASI's common stock will convert into an ordinary share of CASI Cayman, which will continue to trade under the same NASDAQ symbol 'CASI'. This strategic decision aims to leverage regulatory and commercial competencies in China and enhance its position in the biopharmaceutical market, focusing on hematology oncology and unmet medical needs globally.

Positive

• Completion of redomiciliation merger enhances operational flexibility.
• Potential for improved regulatory and commercial access in China markets.
• Continued trading under the NASDAQ symbol 'CASI' maintains investor familiarity.

Negative

• None.

BEIJING, March 21, 2023 /PRNewswire/ -- CASI Pharmaceuticals, Inc. (NASDAQ: CASI) ("CASI" or the "Company"), a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, today announced that the redomiciliation merger to redomicile the Company as a Cayman Islands company (the "Redomiciliation Merger") has been completed.

Pursuant to the Redomiciliation Merger, each outstanding share of the common stock of the Company was converted into the right to receive one ordinary share of CASI Pharmaceuticals, Inc., a company incorporated under the laws of the Cayman Islands ("CASI Cayman"). The ordinary shares of CASI Cayman will be listed on the NASDAQ Capital Market under the trading symbol "CASI," the same symbol under which the common stock of the Company was listed.

About CASI Pharmaceuticals, Inc.

CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and throughout the world. The Company is focused on acquiring, developing, and commercializing products that augment its hematology oncology therapeutic focus as well as other areas of unmet medical need. The Company intends to execute its plan to become a leader by launching medicines in the Greater China market, leveraging the Company's China-based regulatory and commercial competencies and its global drug development expertise. The Company's operations in China are conducted through its wholly-owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., located in Beijing, China. More information on CASI is available at www.casipharmaceuticals.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, revenue growth, strategies, expectations, or goals. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to update forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors.

For more information, please contact:

Company Contact:
CASI Pharmaceuticals, Inc.
Rui Zhang
240-864-2643
ir@casipharmaceuticals.co

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SOURCE CASI Pharmaceuticals, Inc.

FAQ

What is the purpose of CASI Pharmaceuticals' redomiciliation merger?

The redomiciliation merger aims to enhance CASI's operational flexibility and leverage regulatory advantages in the Cayman Islands.

How will the redomiciliation affect CASI stockholders?

CASI stockholders will see their outstanding shares converted into ordinary shares of CASI Cayman, retaining their investment under the same NASDAQ symbol.

When was the redomiciliation merger completed?

The redomiciliation merger was completed on March 21, 2023.

What is CASI Pharmaceuticals focusing on after the redomiciliation?

CASI Pharmaceuticals will focus on developing and commercializing therapeutics in hematology oncology and addressing unmet medical needs globally.