LianBio Issues Statement Regarding the HFCAA

Rhea-AI Summary

LianBio (Nasdaq: LIAN) announced on March 8, 2022, that it is not identified as a 'Commission-Identified Issuer' under the Holding Foreign Companies Accountable Act (HFCAA) by the U.S. Securities and Exchange Commission (SEC).

Due to its principal auditor being a PCAOB-inspected firm in New York, LianBio expects to remain compliant and not subject to HFCAA provisions affecting companies with foreign auditors.

Positive

• LianBio is not listed as a 'Commission-Identified Issuer,' indicating strong audit compliance.
• The company's principal auditor is PCAOB-inspected, ensuring transparency and credibility.

Negative

• None.

Company’s principal auditor is located in the United States and is currently inspected by the PCAOB

SHANGHAI and PRINCETON, N.J., March 10, 2022 (GLOBE NEWSWIRE) -- Following the Determination Report of the Public Company Accounting Oversight Board (“PCAOB”) issued on December 16, 2021, on March 8, 2022 the U.S. Securities and Exchange Commission (the “SEC”) released a provisional list of companies identified as “Commission-Identified Issuers” under the Holding Foreign Companies Accountable Act (“HFCAA”). LianBio (Nasdaq: LIAN) is not currently on this list and does not expect to be named by the SEC as a “Commission Identified Issuer” under the HFCAA.

Unlike the companies currently identified on the SEC’s provision list, LianBio’s retained principal auditor is a large independent public accounting firm located in New York, USA and is currently inspected by the PCAOB. Therefore, LianBio does not believe it will be subject to the provisions under the HFCAA that are applicable to issuers whose auditors are located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate.

Important information and disclosures on these topics contained in LianBio’s public filings are available on its website and at www.sec.gov.

About LianBio
LianBio is a cross-border biotechnology company on a mission to bring transformative medicines to historically underserved patients in China and other Asian markets. Through partnerships with highly innovative biopharmaceutical companies around the world, LianBio is advancing a diversified portfolio of clinically validated product candidates with the potential to drive new standards of care across cardiovascular, oncology, ophthalmology, inflammatory disease and respiratory indications. LianBio is establishing an international infrastructure to position the company as a partner of choice with a platform to provide access to China and other Asian markets. For more information, please visit www.lianbio.com

For media inquiries, please contact:
katherine.smith@canalecomm.com

For investor inquiries, please contact:
IR@lianbio.com

FAQ

What is the current status of LianBio regarding the HFCAA?

LianBio is not currently on the SEC's provisional list of 'Commission-Identified Issuers' under the Holding Foreign Companies Accountable Act.

Who is LianBio's principal auditor?

LianBio's principal auditor is a large independent public accounting firm located in New York, USA.

What does it mean that LianBio is not a 'Commission-Identified Issuer'?

Being not identified means LianBio is not subject to HFCAA provisions applicable to companies with foreign auditors.

How does LianBio's auditor affect investor confidence?

LianBio's PCAOB-inspected auditor enhances transparency and investor confidence in its financial reporting.