NEW
YORK, March 23, 2023 /PRNewswire/ -- AnPac
Bio-Medical Science Co., Ltd. (the "Company") (NASDAQ: ANPC), 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 22, 2023, the Company has
been notified by the Nasdaq Hearings Panel ("Panel") of the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
that the Company's request for continued listing on The Capital
Market has been granted, subject to the requirement that the
Company demonstrate on or before July 12,
2023, its compliance with the shareholder equity
requirement, as outlined in Listing Rule 5550(b)(1) (the "Equity
Rule"). The Panel advised that July 12,
2023, represents the full extent of the Panel's discretion
to grant continued listing while the Company is non-compliant.
The Panel noted that the Company indicated that while it has
already cured the shareholder equity deficiency, it plans to
continue engaging in fund-raising activities throughout the year to
maintain its shareholder equity value. The Panel also noted that
the Company outlined its plan to reduce expenses and acquire a cash
generating business in order to improve its financial position. The
Panel indicated that it was willing to grant the exception despite
the Company's compliance history in light of its claim that it is
currently in compliance with the shareholder equity rule and its
stated plan to improve its financial condition through cost-cutting
measures and acquisition of the food supply business. The Panel
indicated that it believes the Company has articulated a reasonable
plan and should be afforded time to implement this new
strategy.
On January 13, 2023, the Company
received a Staff determination letter from the Listing
Qualifications Department of The Nasdaq Stock Market LLC notifying
the Company of the Staff's determination to delist the Company's
securities from The Nasdaq Capital Market due to the Company's
failure to comply with the minimum $2.5
million stockholders' equity requirement for continued
listing on The Nasdaq Capital Market, unless the Company timely
requests a hearing before a Nasdaq Hearings Panel. The Company
timely requested a hearing, which stayed any delisting or
suspension action relating to the Company's American Depositary
Shares through the hearing, which took place in March.,
About AnPac Bio-Medical
Science Co., Ltd.
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 (U.S.)
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 comply with Nasdaq Listing Rules including maintain
our listing on the Nasdaq Capital Market, 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. A
number of these risks along with additional discussion of
forward-looking statements, are set forth in the Company's Annual
Report on Form 20-F and other reports filed with the Securities and
Exchange Commission. In addition, there is uncertainty about the
spread of the COVID19 virus and the impact it will have on the
Company's operations, global supply chains and economic activity in
general. 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.