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LSB News
LSB Events
LakeShore Biopharma Gets Nasdaq Delisting Notification
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 Names New Financial Advisor and Legal Counsel
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 Gets Non-Binding Offer for Acquisition
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.
LakeShore Biopharma Gets Non-Binding Acquisition Offer from Oceanpine
LakeShore Biopharma announced that its board of directors has received a preliminary non-binding proposal letter dated August 18 from Oceanpine Investment Fund II LP and Oceanpine Capital to acquire all of the outstanding ordinary shares, par value US$0.0002 per share, of the company that are not currently owned by Oceanpine Capital in an all-cash transaction for 86c per Ordinary Share. The proposed purchase price represents a premium of 10.3% to the company's last closing price on August 15, the last trading day prior to the date of the Proposal Letter, and a premium of 11.4% to the average closing price of the Ordinary Shares during the last 15 trading days prior to the date of the Proposal Letter. According to the Proposal Letter, Oceanpine Capital intends to fund the Proposed Transaction with rollover equity and available cash on hand, and the Proposed Transaction will not be subject to a financing condition. Oceanpine Capital has engaged White & Case LLP as its international legal advisor for the Proposed Transaction. The Board has just received the Proposal Letter and will carefully review and evaluate the proposal to determine the course of action that it believes is in the best interests of the company and its shareholders.
LakeShore Biopharma provides update on ongoing investigation involving Yi Zhang
LakeShore Biopharma announced that the Shenyang Municipal Public Security Bureau in China has initiated criminal investigations into actions taken by former chairman of the board of directors Yi Zhang. The Company has uncovered evidence suggesting that Yi Zhang, during his tenure in key executive roles, misappropriated corporate assets for personal gain and mismanaged the Company, resulting in significant financial losses over past several years, thereby seriously harming the interests of shareholders of the Company. In response to these revelations, by March 2024, the Company took decisive action to remove Yi Zhang from all executive positions within the Company and its subsidiaries, in accordance with the Company's Memorandum and Articles of Association effective at that time and relevant laws. This action was necessary to mitigate the damage caused by Yi Zhang and his associates. Under the new leadership, the Company's financial and operational performance has seen a marked improvement. The Company has achieved smooth operations, secured second position in China's Rabies vaccine market and reaffirmed the full year financial guidance through Fiscal Year 2025 ended March 31, 2025. In March 2024, Yi Zhang, despite having been dismissed, exploited his temporary control over the Company's Seal to forge contracts and falsify debts to entities controlled by him. Using these documents, he initiated a case with the Kaifeng Arbitration Commission, leading to the freezing of assets and bank accounts of the Company's wholly-owned subsidiary, Liaoning Yisheng Biopharma Co., Ltd., causing substantial operational challenges. The new management team swiftly secured additional financing to maintain business continuity and has taken comprehensive internal and external initiatives to reassure employees, customers, distributors, suppliers, and financial partners regarding the recent developments described above and to underscore the stability and ongoing operations of the business. The Company also promptly challenged the unfounded claims filed by Yi Zhang at the Kaifeng Arbitration Commission, and is confident that these baseless claims will be dismissed, allowing for the release of the frozen assets.
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