NEW
YORK, March 6, 2023 /PRNewswire/ -- AnPac
Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) ("AnPac Bio," the
"Company" or "we"), a company with operations in the United States and China focused on early cancer screening and
detection and plans to enter into the operation of a
business-to-business e-commerce food platform focused on the sale
of Asian sourced food products, announced that on March 2023, the Company has entered into
definitive investment agreements with certain accredited investors
in a private placement transaction, pursuant to which the investors
agreed to subscribe for and purchase, and the Company agreed to
issue and sell an aggregate of 16,666,665 newly issued Class A
ordinary shares of the Company, at a price of US$0.30 per ordinary share, or US$6.00 per ADS (1:20 ADS-to-share ratio), for an
aggregate purchase price of US$5
million. The closing of the sale of the securities is
expected to occur late March, subject to satisfaction of customary
closing conditions.
The Company expects to use the proceeds for working capital and
the expansion of its business-to-business Asian food e-commerce
business in the US.
The ordinary shares sold in the private placement have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United
States absent registration with the U.S. Securities and
Exchange Commission ("SEC") or an applicable exemption from such
registration requirements. The offer and sale of the Company's
Class A ordinary shares under the agreements were made as part of
an "offshore transaction" and there was no "directed selling
efforts" in the United States and,
as such, such offer and sale falls under an exemption provided
under Regulation S from the Section 5 registration requirements of
the Securities Act of 1933, as amended.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About AnPac Bio
AnPac Bio-Medical Science Co., Ltd. is a biotechnology company
focused on early cancer screening and detection, with 155 issued
patents as of June 30, 2022. With two
certified clinical laboratories in China and one CLIA and CAP accredited clinical
laboratory in the United States,
AnPac Bio performs a suite of cancer screening and detection tests,
including CDA (Cancer Differentiation Analysis), bio-chemical,
immunological, and genomics tests. The Company intends to enter the
business-to-business e-commerce food business with the formation of
its wholly-owned subsidiary, Fresh2 Technology Inc., and the
acquisition of Fresh2 Ecommerce Inc.
For more information, please visit: https://www.Anpacbio.com.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-917-609-0333 (US)
Email: tina.xiao@ascent-ir.com
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements are made under the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and are relating
to the Company's future financial and operating performance. The
Company has attempted to identify forward-looking statements by
terminologies including "believes," "estimates," "anticipates,"
"expects," "plans," "projects," "intends," "potential," "target,"
"aim," "predict," "outlook," "seek," "goal" "objective," "assume,"
"contemplate," "continue," "positioned," "forecast," "likely,"
"may," "could," "might," "will," "should," "approximately" or other
words that convey uncertainty of future events or outcomes to
identify these forward-looking statements. These statements are
based on current expectations, assumptions and uncertainties
involving judgments about, among other things, future economic,
competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and
many of which are beyond the Company's control. These statements
also involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results to be
materially different from those expressed or implied by any
forward-looking statement. Known and unknown risks, uncertainties
and other factors include, but are not limited to, our ability to
maintain our Nasdaq listing and comply with Nasdaq Listing Rules,
the implementation of our business model and growth strategies;
trends and competition in the cancer screening and detection
market; our expectations regarding demand for and market acceptance
of our cancer screening and detection tests and our ability to
expand our customer base; our ability to obtain and maintain
intellectual property protections for our CDA technology and our
continued research and development to keep pace with technology
developments; our ability to obtain and maintain regulatory
approvals from the NMPA, the FDA and the relevant U.S. states and
have our laboratories certified or accredited by authorities
including the CLIA; our future business development, financial
condition and results of operations and our ability to obtain
financing cost-effectively; potential changes of government
regulations; general economic and business conditions in
China and elsewhere; our ability
to hire and maintain key personnel; our relationship with our major
business partners and customers; and the duration of the
coronavirus outbreaks and their potential adverse impact on the
economic conditions and financial markets and our business and
financial performance, such as resulting from reduced commercial
activities due to quarantines and travel restrictions instituted by
China, the U.S. and many other
countries around the world to contain the spread of the virus.
Additionally, all forward-looking statements are subject to the
"Risk Factors" detailed from time to time in the Company's most
recent Annual Report on Form 20-F and other filings with the U.S.
Securities and Exchange Commission. Because of these and other
risks, uncertainties and assumptions, undue reliance should not be
placed on these forward-looking statements. In addition, these
statements speak only as of the date of this press release and,
except as may be required by law, the Company undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason.
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SOURCE AnPac Bio-Medical Science Co., Ltd.