LakeShore Biopharma Announces Results of Extraordinary General Meeting on Share Consolidation
LakeShore Biopharma Co., (Nasdaq: LSB) announced the results of its extraordinary general meeting (EGM) held on September 27, 2024. Shareholders approved a 10-for-1 share consolidation effective October 1, 2024, to regain compliance with Nasdaq's minimum bid price requirement. The consolidation will change the company's authorized share capital from 2,500,000,000 ordinary shares at US$0.00002 par value to 250,000,000 ordinary shares at US$0.0002 par value.
The company's ordinary shares will trade on a split-adjusted basis starting October 4, 2024. Shareholders' percentage ownership and voting power will remain largely unchanged, except for minor adjustments due to fractional shares being rounded up. The stock will continue trading on Nasdaq under the symbol LSB.
LakeShore Biopharma Co. (Nasdaq: LSB) ha annunciato i risultati della sua assemblea generale straordinaria (EGM) tenutasi il 27 settembre 2024. Gli azionisti hanno approvato una consolidazione delle azioni 10 contro 1 efficace dal 1 ottobre 2024, per ristabilire la conformità con il requisito del prezzo minimo di offerta di Nasdaq. La consolidazione modificherà il capitale sociale autorizzato dell'azienda da 2.500.000.000 di azioni ordinarie con valore nominale di US$0,00002 a 250.000.000 di azioni ordinarie con valore nominale di US$0,0002.
Le azioni ordinarie dell'azienda inizieranno a essere scambiate su una base rettificata per lo split a partire dal 4 ottobre 2024. La percentuale di proprietà e il potere di voto degli azionisti rimarranno sostanzialmente invariati, eccetto per lievi aggiustamenti dovuti all'arrotondamento delle azioni frazionarie. Le azioni continueranno a essere scambiate su Nasdaq con il simbolo LSB.
LakeShore Biopharma Co. (Nasdaq: LSB) anunció los resultados de su reunión general extraordinaria (EGM) celebrada el 27 de septiembre de 2024. Los accionistas aprobaron una consolidación de acciones 10 por 1 que entrará en vigor el 1 de octubre de 2024, para recuperar el cumplimiento con el requisito de precio mínimo de oferta de Nasdaq. La consolidación cambiará el capital social autorizado de la empresa de 2,500,000,000 acciones ordinarias a un valor nominal de US$0.00002 a 250,000,000 acciones ordinarias a un valor nominal de US$0.0002.
Las acciones ordinarias de la empresa comenzarán a cotizar en base ajustada por la división a partir del 4 de octubre de 2024. El porcentaje de propiedad y el poder de voto de los accionistas permanecerán en gran parte sin cambios, excepto por pequeños ajustes debido al redondeo de las acciones fraccionarias. Las acciones seguirán cotizando en Nasdaq bajo el símbolo LSB.
LakeShore Biopharma Co. (Nasdaq: LSB)는 2024년 9월 27일 개최된 임시 주주총회(EGM)의 결과를 발표했습니다. 주주들은 나스닥의 최소 입찰 가격 요건을 준수하기 위해 2024년 10월 1일부터 시행되는 1주당 10주 통합을 승인했습니다. 이 통합으로 회사의 허가된 자본금은 2,500,000,000주에서 액면가 US$0.00002에서 250,000,000주에서 액면가 US$0.0002로 변경됩니다.
회사의 보통주는 2024년 10월 4일부터 분할 조정 기준으로 거래될 것입니다. 주주들의 소유 비율 및 투표권은 대부분 변경되지 않으며, 분할 주식으로 인한 약간의 조정이 있을 수 있습니다. 주식은 계속해서 LSB 기호로 나스닥에서 거래됩니다.
LakeShore Biopharma Co. (Nasdaq: LSB) a annoncé les résultats de son assemblée générale extraordinaire (AGE) tenue le 27 septembre 2024. Les actionnaires ont approuvé une consolidation des actions 10 pour 1 prenant effet le 1er octobre 2024, afin de retrouver la conformité avec l'exigence de prix d'offre minimum de Nasdaq. La consolidation modifiera le capital social autorisé de l'entreprise, de 2.500.000.000 actions ordinaires d'une valeur nominale de 0,00002 USD à 250.000.000 actions ordinaires d'une valeur nominale de 0,0002 USD.
Les actions ordinaires de l'entreprise commenceront à se négocier sur une base ajustée au fractionnement à partir du 4 octobre 2024. Le pourcentage de propriété et le pouvoir de vote des actionnaires resteront largement inchangés, à l'exception de légers ajustements dus à l'arrondi des actions fractionnaires. Les actions continueront à être négociées sur le Nasdaq sous le symbole LSB.
LakeShore Biopharma Co. (Nasdaq: LSB) hat die Ergebnisse der am 27. September 2024 abgehaltenen außerordentlichen Hauptversammlung (EGM) bekannt gegeben. Die Aktionäre haben eine 10-zu-1-Aktienkonsolidierung genehmigt, die am 1. Oktober 2024 wirksam wird, um die Einhaltung der Mindestgebotsanforderung von Nasdaq wiederherzustellen. Die Konsolidierung wird das genehmigte Aktienkapital des Unternehmens von 2.500.000.000 Stammaktien mit einem Nennwert von US$0,00002 auf 250.000.000 Stammaktien mit einem Nennwert von US$0,0002 ändern.
Die Stammaktien des Unternehmens werden ab dem 4. Oktober 2024 auf einer split-adjustierten Basis gehandelt. Der prozentuale Anteil und die Stimmkraft der Aktionäre bleiben weitgehend unverändert, abgesehen von geringfügigen Anpassungen aufgrund von aufgerundeten Bruchstücken. Die Aktien werden weiterhin unter dem Symbol LSB an der Nasdaq gehandelt.
- Share consolidation approved to regain Nasdaq compliance
- No change in shareholders' percentage ownership and voting power
- Continued listing on Nasdaq under LSB symbol
- 10-for-1 share consolidation may impact stock liquidity
- Potential short-term stock price volatility due to consolidation
The Company's shareholders voted in favor of each of the following resolutions:
- With effect from October 1, 2024, to consolidate every 10 (ten) ordinary shares, par value of
US each (whether issued or unissued), into 1 (one) ordinary share, par value of$0.00 002US each (the "Share Consolidation"), such that following the Share Consolidation, the authorized share capital of the Company shall be changed$0.00 02- FROM
US divided into 2,500,000,000 ordinary shares of a par value of$50,000 US each$0.00 002 - TO
US divided into 250,000,000 ordinary shares of a par value of$50,000 US each; and$0.00 02
no fraction of a share shall be issued by virtue of the Share Consolidation, and all fractions of shares resulting from the Share Consolidation will be rounded up to the nearest whole number of shares and each shareholder that would otherwise be so entitled to a fraction of a share shall instead, as a result of the Share Consolidation, be entitled to receive a whole share.
- FROM
- With effect immediately following the Share Consolidation, the currently effective amended and restated memorandum and articles of association of the Company (the "M&AA") be amended and restated by their deletion in their entirety and the substitution in their place of the second amended and restated memorandum and articles of association of the Company (the "Restated M&AA"), in the form attached as Exhibit A to the Notice of EGM.
In addition, it is expected that the Company's ordinary shares will trade on a split-adjusted basis, beginning at the open of trading on October 4, 2024, Eastern Time. Immediately after the Share Consolidation, each shareholder's percentage ownership interest in the Company and proportional voting power will remain unchanged, except for minor changes and adjustments that will result from the treatment of fractional shares. Shareholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as the effect of the Share Consolidation will automatically be reflected in their brokerage accounts. The ordinary shares of the Company will continue to be traded on Nasdaq under the symbol "LSB."
About LakeShore Biopharma
LakeShore Biopharma, previously known as YS Biopharma, 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. The Company operates in
Cautionary 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 LakeShore Biopharma, the development progress of all product candidates, the progress and results of all clinical trials, LakeShore Biopharma's ability to source and retain talent, and the cash position of LakeShore Biopharma. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "potential," "forecast," "intend," "will," "expect," "anticipate," "believe," "goal," "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 LakeShore Biopharma's management and are not predictions of actual performance.
LakeShore 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 Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC"), and other risks described in documents subsequently filed or furnished by the Company from time to time with the SEC. There may be additional risks that LakeShore Biopharma does not presently know or that LakeShore 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 LakeShore Biopharma as of the date of this press release. Subsequent events and developments may cause those views to change. However, while LakeShore 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 LakeShore Biopharma as of any date subsequent to the date of this press release. Except as may be required by law, LakeShore Biopharma does not undertake any duty to update these forward-looking statements.
Investor Relations Contact
Robin Yang
Partner, ICR, LLC
Tel: +1 (212) 537-4035
Email: LakeShoreBiopharma.IR@icrinc.com
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SOURCE LakeShore Biopharma Co., Ltd.
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