LakeShore Biopharma receives non-binding acquisition proposal

LakeShore Biopharma (LSB) has received a revised preliminary non-binding proposal letter dated August 26 from a consortium comprised of Oceanpine Investment Fund II and Oceanpine Capital, and Crystal Peak Investment, to acquire all of the outstanding ordinary shares, par value $0.0002 per share, of the company that are not currently owned by the Consortium in an all-cash transaction for $0.86 per Ordinary Share, which remains unchanged from the original proposal. This Revised Proposal Letter revises the preliminary non-binding proposal letter dated August 18, previously received from Oceanpine Capital. According to the Revised Proposal Letter, the members of the Consortium, who currently beneficially own in aggregate approximately 52.1% of the company’s issued and outstanding Ordinary Shares, have entered into a consortium agreement and have agreed to vote all of their shares in favor of the Proposed Transaction. They also do not intend to sell their shares to any third party or support any competing bid while remaining members of the Consortium. The Board has formed a special committee consisting of its three independent directors to evaluate and consider the Revised Proposal Letter and the Proposed Transaction. The Board has not made any decisions with respect to the Company’s response to the proposal.