LSB Overview

Trading Suspension: LakeShore Biopharma's ordinary shares and warrants have been suspended from trading on The Nasdaq Capital Market due to non-compliance with minimum bid price requirements, effective September 22, 2025.

OTC Market Transition: The company's shares and warrants will begin trading on the OTC Pink Open Market under new symbols, while maintaining its business operations and commitment to transparency with shareholders.

Nasdaq Delisting Notification: LakeShore Biopharma received a letter from Nasdaq indicating non-compliance with the Bid Price Rule due to its share price being below $1.00 for 30 consecutive business days, and it is ineligible for the standard compliance period due to a recent reverse stock split.

Appeal Options: The company has until September 18, 2025, to request a hearing to appeal the delisting decision, which would temporarily stay the suspension of its securities pending the outcome of the appeal.

Company Announcement: LakeShore Biopharma has formed a Special Committee to evaluate a revised non-binding proposal and has engaged financial and legal advisors for this process.

Caution to Shareholders: The Board warns that no decisions have been made regarding the proposal, and there is no guarantee that a definitive agreement will be reached or that any transaction will be completed.

Revised Acquisition Proposal: LakeShore Biopharma received a revised non-binding proposal from a consortium led by Oceanpine Capital to acquire all outstanding ordinary shares for $0.86 each, unchanged from the original offer.

Consortium Ownership: The consortium currently owns approximately 52.1% of LakeShore Biopharma's shares and has agreed to vote in favor of the acquisition while not supporting any competing bids.

Formation of Special Committee: The company's board has formed a special committee of independent directors to evaluate the revised proposal and make recommendations regarding the potential transaction.

Cautionary Note: LakeShore Biopharma cautions shareholders that no decisions have been made regarding the proposal, and there is no guarantee that a definitive agreement will be reached or executed.

Acquisition Proposal: LakeShore Biopharma has received a preliminary non-binding proposal from Oceanpine Investment Fund II LP and Oceanpine Capital Inc. to acquire all outstanding shares not owned by Oceanpine for $0.86 per share in cash.

Board Review: The Board of LakeShore Biopharma will carefully evaluate the acquisition proposal to determine the best course of action for the company and its shareholders.

Shareholder Interests: The evaluation process aims to ensure that the decisions made align with the interests of both the company and its shareholders.

Disclaimer: The views expressed in the announcement are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.

Proposal for Acquisition: LakeShore Biopharma has received a preliminary non-binding proposal from Oceanpine Capital to acquire all outstanding ordinary shares at a price of $0.86 per share, representing a premium over recent trading prices.

Funding and Conditions: Oceanpine Capital plans to fund the acquisition using rollover equity and available cash, with no financing conditions attached, indicating a streamlined process for the proposed transaction.

Board Review: The Board of LakeShore Biopharma will evaluate the proposal carefully to determine the best course of action for the company and its shareholders, with no decisions made yet regarding the response.

Company Background: LakeShore Biopharma focuses on developing vaccines and therapeutic biologics for infectious diseases and cancer, operating in multiple countries including China, Singapore, and the Philippines.