LSB News & Events

LakeShore Biopharma announced that it received a staff determination letter from the Nasdaq Stock Market, dated September 11, 2025, notifying that the company is not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price for the company's ordinary shares was below $1.00 per share for 30 consecutive business days. Furthermore, the Letter specifies that the company is not eligible for the standard 180-day compliance period to regain compliance with the Bid Price Rule. The specific basis for this determination, as identified by Nasdaq, is Listing Rule 5810(c)(3)(A)(iv), which states that a company is ineligible for any compliance period if it has effected a reverse stock split within the prior one-year period. The company effected a 10-for-1 reverse stock split on October 1, 2024. Accordingly, the Letter indicates that Nasdaq has determined to delist the company's securities from The Nasdaq Capital Market. Unless the company requests an appeal, trading in the company's securities will be suspended at the opening of business on September 22, 2025, and a Form 25-NSE will be filed with the SEC to remove the company's securities from listing and registration on The Nasdaq Stock Market.

LakeShore Biopharma announced that the independent special committee of the Company's board of directors, formed to evaluate and consider the previously announced revised preliminary non-binding proposal letter dated August 26, has retained Kroll, as its financial advisor, Gibson, Dunn & Crutcher as its U.S. legal counsel, and Maples and Calder as its Cayman Islands legal counsel. The Special Committee is continuing its review and evaluation of the Proposal. The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal.

LakeShore Biopharma has received a revised preliminary non-binding proposal letter dated August 26 from a consortium comprised of Oceanpine Investment Fund II and Oceanpine Capital, and Crystal Peak Investment, to acquire all of the outstanding ordinary shares, par value $0.0002 per share, of the company that are not currently owned by the Consortium in an all-cash transaction for $0.86 per Ordinary Share, which remains unchanged from the original proposal. This Revised Proposal Letter revises the preliminary non-binding proposal letter dated August 18, previously received from Oceanpine Capital. According to the Revised Proposal Letter, the members of the Consortium, who currently beneficially own in aggregate approximately 52.1% of the company's issued and outstanding Ordinary Shares, have entered into a consortium agreement and have agreed to vote all of their shares in favor of the Proposed Transaction. They also do not intend to sell their shares to any third party or support any competing bid while remaining members of the Consortium. The Board has formed a special committee consisting of its three independent directors to evaluate and consider the Revised Proposal Letter and the Proposed Transaction. The Board has not made any decisions with respect to the Company's response to the proposal.