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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Summit Healthcare Acquisition Corporation | NASDAQ:SMIH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 12.45 | 13.20 | 0 | 01:00:00 |
NEW YORK, Feb. 16, 2024 /PRNewswire/ -- Yi Zhang and shareholders representing over 59.2% of the outstanding shares of YS Biopharma Co., Ltd. (the "Company" or "YS") (NASDAQ: YS) (the "Convening Shareholders") today announced the successful approval of all resolutions at the YS Extraordinary General Meeting of Shareholders ("EGM") held today. 62,132,308 shares out of 93,058,197 total outstanding shares of YS voted in the EGM, which represents 66.8% of all outstanding shares. Before the EGM, individuals purporting to be representatives of the Company arrived at the offices where the EGM was to be conducted, but they indicated that they intended to disrupt the business for which the EGM was convened by the Convening Shareholders, so they were not permitted to enter the premises where the EGM was noticed to be held.
The resolutions passed by the shareholders at the EGM are as follows:
Details of the number of shares voted in person or by proxy on the resolutions was as follows:
Resolution | For | Against | ||
Shares Voted | % | Shares Voted | % | |
1. The removal of the following directors from office of the Company: Hui Shao, Bo Tan, Ajit Shetty, Viren Mehta, Shaojing Tong, Rachel Yu, Yuntao Cui, Jin Wang, Henry Chen, Haitao Zhao, Pierson Yue Pan and Chunyuan (Brenda) Wu. | 55,123,743 | 88.7 % | 7,008,565 | 11.3 % |
2. The election of the following seven nominees as directors of the Company: Nan Zhang, Yun (Monica) Zhang, Chi Keung (Peter) Lui, Jing Xia Li, Yi Zhang, Yuan Liu and Jimin Wang. | 55,123,743 | 88.7 % | 7,008,565 | 11.3 % |
There were no abstentions and no "withhold" votes.
Yi Zhang thanks his fellow shareholders for their support in achieving this positive outcome today. The actions taken reflect an overwhelming shareholder repudiation of the prior board of directors of the Company (the "Board") and the total disregard for shareholder perspectives shown by the prior Board and management team. Given the result of the vote, Yi Zhang is confident that YS will now be able to focus its full efforts on executing its business strategy and preserving and growing long-term value for all shareholders.
The full text of each resolution is contained in the notice of general meeting set out in the Circular, a copy of which is available here: https://www.sec.gov/Archives/edgar/data/1946399/000110465924024545/tm246234d1_ex99-a.htm
Immediately following the successful conclusion of the EGM, the new board of directors of the Company voted [unanimously] to effect the following resolutions (among others):
Cautionary Statement Regarding Forward-Looking Statements
This press release (including its attachments) contains "forward-looking statements." All statements in this release other than statements of historical fact are forward-looking statements, including statements regarding the EGM, the leadership of YS, its ability to develop and commercialize current and planned products, its research and development efforts and other matters regarding business strategies, results and plans and objectives for future operations. These statements are based on the beliefs and assumptions of the Convening Shareholders and on information currently available to them, which is based in part on information provided by the prior Board and management of YS. Although the Convening Shareholders believe that they have a reasonable basis for such statements, these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In some cases, you can identify forward-looking statements by the words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, events or achievements to differ materially from the information expressed or implied by these statements. These risks, uncertainties and other factors include the possibility of undisclosed actions by members of the prior YS Board and management, potential efforts to dilute shareholders, the outcome of pending litigation and the prospect of litigation (including regarding the EGM), the potential for potential defaults or enforcement by the creditors of YS, and other risks, uncertainties and factors described under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents filed by YS with the U.S. Securities and Exchange Commission or in public statements by the Convening Shareholders from time to time. Forward-looking statements may not prove to be accurate. The forward-looking statements in this press release speak as of the date hereof, and the Convening Shareholders undertake no obligation to update any forward-looking statements for any reason, except as required by law.
View original content:https://www.prnewswire.com/news-releases/shareholders-led-by-yi-zhang-announce-successful-results-of-removal-of-directors-and-election-of-new-directors-of-ys-biopharma-co-ltd-302064477.html
SOURCE Yi Zhang
Copyright 2024 PR Newswire
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