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YS Biopharma challenges shareholder meeting validity

Published Feb 12, 2024 10:22AM ET
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GAITHERSBURG, Md. - YS Biopharma Co., Ltd. (NASDAQ: YS), a biopharmaceutical company, has raised questions about the validity of an extraordinary general meeting (EGM) convened by a group of its shareholders. The company asserts that the notice for the EGM, which aims to remove six of its seven directors, does not comply with the necessary procedural requirements.

On Monday, YS Biopharma issued a statement in response to a notice served by shareholders, including Mr. Yi Zhang and several investment companies, to hold an EGM on February 16, 2024, in Seattle, Washington. The company contends that the meeting has been improperly called, citing several reasons.

Firstly, YS Biopharma argues that the notice served on February 8, 2024, fails to meet the seven calendar days' notice required by the company's articles of association. Additionally, the directors proposed for removal were not given the required ten-day notice.

The company also highlighted discrepancies in the record date share count. The notice, according to YS Biopharma, incorrectly states the number of ordinary shares issued and outstanding as of February 8, 2024. YS Biopharma had issued additional shares to an institutional investor on February 7, 2024, following a $40 million private placement transaction announced on February 9, 2024. Consequently, the actual number of shares issued and outstanding at the close of business on the record date was significantly higher than the number cited in the notice.

The company, which specializes in developing vaccines and therapeutic biologics for infectious diseases and cancer, is known for its proprietary PIKA® immunomodulating technology platform. YS Biopharma operates globally, with a presence in China, the United States, Singapore, and the Philippines.

This information is based on a press release statement from YS Biopharma Co., Ltd.

InvestingPro Insights

In light of YS Biopharma's recent challenges surrounding its extraordinary general meeting (EGM), it's important for investors to consider the company's financial health and market performance. According to real-time data from InvestingPro, YS Biopharma has a market capitalization of 38.99 million USD, reflecting its size within the biopharmaceutical industry. Despite an impressive gross profit margin of 80.05% over the last twelve months as of Q2 2024, the company is grappling with significant financial headwinds. The revenue growth during the same period shows a decline of 11.42%, and an even more concerning quarterly revenue decline of 50.11% in Q2 2024.

These financial metrics are crucial for shareholders to consider, especially in the context of the EGM and the company's future direction. An InvestingPro Tip underscores the company's heavy debt burden, which could be exacerbated by its difficulties in generating sufficient revenue to cover interest payments. Additionally, analysts do not anticipate YS Biopharma will be profitable this year, which may influence investor sentiment and the outcome of any corporate governance changes proposed at the EGM.

For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available that could provide deeper insights into YS Biopharma's valuation and future expectations. To explore these tips and enhance your investment strategy, visit https://www.investing.com/pro/YS and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

YS Biopharma challenges shareholder meeting validity
 

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