EV Biologics Updates on FINRA Filings
EV Biologics Corp (OTC PINK: YECO) updated shareholders on March 9, 2022, regarding its FINRA applications for a name change and NFT dividend distribution. The name change process has stalled as FINRA requires the company to become fully SEC reporting, which would divert resources from its focus on biomanufacturing innovations. Additionally, the planned NFT dividend distribution is suspended due to regulatory challenges. The company is emphasizing its development of nanomedicines and AI-driven biological data systems.
- The company is focusing resources on technological innovation in biomanufacturing.
- Development of nanomedicines targeting regenerative medicine is ongoing.
- FINRA has stalled the name change process requiring SEC reporting.
- The NFT dividend distribution is suspended due to regulatory obstructions.
NASHVILLE, TN / ACCESSWIRE / March 9, 2022 / EV Biologics Corp, OTC PINK:YECO, today updated shareholders with the latest information about its submitted FINRA applications for name change and NFT dividend distribution.
The Company announced on August 6, 2020, that it had submitted its name change filing with FINRA. The Company had previously moved its domicile from Cayman Islands to Wyoming on April 12, 2019 and received its new CUSIP number on August 20, 2020. After a year and a half of numerous FINRA submissions, this normally straightforward application process has come to a halt. FINRA has ruled that the Company must be fully reporting with the SEC to proceed with the name change. The Company is current in its filings under the OTC Alternative Reporting Standard.
Changing the reporting status of the Company from the OTC Alternative Reporting to SEC reporting would present a massive expense of time and resources, and a totally unnecessary diversion right now. Currently, the Company is focusing all its resources on execution of its established plan for technological innovation in biomanufacturing of cell-derived nanomedicines and is preparing patent applications for the supporting intellectual property. At this time, diversion of any further resources toward financial regulatory filings, related to the name change, will not provide any advantage to the Company's primary technical development objectives.
Furthermore, the Company previously submitted filings to FINRA for the NFT dividend distribution in Q3, 2021. This is the first time that any public company has attempted to distribute a NFT digital asset as a dividend. The Company completed the production and minting of the NFTs as previously announced. This effort has also been met with several regulatory obstructions, and at this time, the Company will suspend the distribution of this dividend, until the regulators progress in their understanding and application of digital assets.
About the Company
EV Biologics (formerly Yulong Eco-Materials Limited) is a Wyoming, USA domiciled Biotechnology Company, developing a range of nanomedicines to substantially enhance the intrinsic therapeutic activity of stem cell-derived paracrine therapeutics. Using AI technology, the Company is developing biological data systems for rapid optimization of therapeutic activity. The Company is also developing bioengineering and biomanufacturing innovations for optimized production of nanoparticle biologics. These versatile platforms will enable accelerated generation of nanomedicines targeting regenerative medicine and other specific clinical indications. The inventions and proprietary innovations supporting this development are the subject of the Company's intellectual property.
Forward-Looking Statements
This news release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
YECO has 7.22 million shares issued and outstanding with a float of 1,016,375 shares.
Contact:
Dennis Burns
Investor Relations
Tel: (567)237-4132
dburns@nvestrain.com
For more information on EV Biologics please visit:
SOURCE: EV Biologics Corporation
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