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GAITHERSBURG, Md. – Biopharmaceutical company YS Biopharma Co., Ltd. (NASDAQ: YS) has questioned the effectiveness of an extraordinary general meeting (EGM) called by a group of shareholders. The company claims that the notification to EGM for the purpose of dismissing six of the seven directors did not meet 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, that the company will hold a general meeting of shareholders on February 16, 2024 in Seattle, Washington. . The company claims the meeting was improperly called, citing several reasons.
First, YS Biopharma argues that the notice served on February 8, 2024 does not meet the seven calendar days' notice required by the company's articles of incorporation. Additionally, directors proposed for removal were not given the required 10 days' notice.
The company also highlighted the discrepancy in the number of shares on the record date. According to YS BioPharma, the notice incorrectly states the number of outstanding common shares as of February 8, 2024. YS BioPharma had issued additional shares to institutional investors on February 7, 2024, following a $40 million private placement transaction announced on February 7, 2024. February 9, 2024. As a result, the actual number of shares outstanding at the close of business on the record date was significantly greater than the number stated in the notice.
The company specializes in the development of vaccines and therapeutic biologics for infectious diseases and cancer and is known for its proprietary PIKA® immunomodulatory technology platform. YS Biopharma operates globally with offices in China, the United States, Singapore, and the Philippines.
This information is based on a press release from YS Biopharma Co., Ltd.
Investment Pro Insights
Given the recent challenges surrounding YS Biopharma's extraordinary general meeting (EGM), it is important for investors to consider the company's financial health and market performance. According to InvestingPro's real-time data, YS Biopharma has a market capitalization of US$38.99 Million, reflecting its size in the Biopharmaceutical industry. Despite his impressive trailing-12-month gross margin of 80.05% as of Q2 2024, the company faces significant financial headwinds. Revenue growth for the same period has decreased by 11.42%, and even more worryingly, his quarterly revenue for Q2 2024 will decrease by 50.11%.
These financial indicators are very important for shareholders to consider, especially in terms of the EGM and the future direction of the company. InvestingPro's tips highlight the company's high debt burden, which could be exacerbated by its difficulty generating enough revenue to cover interest payments. Moreover, analysts do not expect YS BioPharma to turn a profit this year, which could impact investor sentiment and the outcome of corporate governance changes proposed at the shareholder meeting.
For investors seeking a more comprehensive analysis, additional InvestingPro Tips are available that can provide deeper insight 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 the coupon code. pro news 24 Get an extra 10% off annual or biennial Pro and Pro+ subscriptions.
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