LakeShore Biopharma Co., Ltd (OTCPK: LSBCF; OTCPK: LSBWF) announced today that its shareholders have approved the previously disclosed merger agreement, moving the company closer to becoming a privately held entity. At an extraordinary general meeting (EGM) held on June 19, 2026, shareholders voted in favor of the merger with Oceanpine Skyline Inc. and its wholly owned subsidiary, Oceanpine Merger Sub Inc. The merger will result in the company no longer being publicly traded, with its shares and warrants ceasing to be quoted on the OTC Markets.
The EGM saw strong participation, with approximately 92.3% of the company's total outstanding ordinary shares voting in person or by proxy. Of those votes, about 86.2% supported the merger agreement, the plan of merger, and the transactions contemplated. The merger agreement was initially signed on November 4, 2025, and amended on April 29, 2026. Under the terms, Merger Sub will merge with and into LakeShore Biopharma, with the company continuing as the surviving entity and becoming a wholly owned subsidiary of Parent.
Completion of the merger remains subject to customary closing conditions. Once finalized, LakeShore Biopharma's shares and warrants will be deregistered under Section 12 of the Securities Exchange Act of 1934 and will no longer be listed on any public market, including the OTC Pink tier. This move marks a significant transition for the company, which has been publicly traded and is now opting for a private structure.
LakeShore Biopharma, previously known as YS Biopharma, focuses on developing vaccines and therapeutic biologics for infectious diseases and cancer. The company's proprietary PIKA immunomodulating technology platform targets diseases such as rabies, hepatitis B, and influenza. With operations in China, Singapore, and the Philippines, the company aims to leverage its global expertise in biopharmaceuticals.
The decision to go private may allow LakeShore Biopharma to operate with greater flexibility away from the short-term pressures of public markets. This could be particularly beneficial as the company continues its research and development efforts. For more details on the company's pipeline and technology, visit the investor relations page.
Forward-looking statements in the press release highlight risks and uncertainties that could affect the merger's completion, including financing availability and satisfaction of closing conditions. The company has filed relevant documents with the SEC, including the Schedule 13E-3 and proxy statement, which provide further information on these factors.
LakeShore Biopharma's management expressed commitment to working with the other parties to finalize the merger in due course. The transition to a private company marks a new chapter for the biopharmaceutical firm, potentially enabling it to focus more intently on its long-term strategic goals without the scrutiny of quarterly earnings reports.
