LakeShore Biopharma Co., Ltd (OTCPK: LSBCF; OTCPK: LSBWF) announced today that its shareholders have approved the previously announced merger agreement, moving the company closer to becoming a privately held entity. At an extraordinary general meeting held on June 19, 2026, approximately 86.2% of the votes cast favored the proposal to authorize the merger with Oceanpine Skyline Inc. and its wholly owned subsidiary, Oceanpine Merger Sub Inc. The merger, if consummated, will result in LakeShore Biopharma becoming a wholly owned subsidiary of Oceanpine Skyline Inc., and its shares and warrants will cease to be publicly traded.
The shareholder vote represents a critical milestone in the company's transition to private ownership. Approximately 92.3% of the company's total outstanding ordinary shares as of the record date of May 27, 2026, were voted at the meeting, indicating strong shareholder engagement. The merger agreement was originally signed on November 4, 2025, and subsequently amended on April 29, 2026.
Completion of the merger remains subject to the satisfaction or waiver of customary closing conditions. The company stated it will work with the other parties to finalize the transaction in due course. Upon completion, LakeShore Biopharma's shares and warrants will no longer be quoted on the OTC Pink tier of the OTC Markets, and the company will cease to be registered under Section 12 of the Securities Exchange Act of 1934.
LakeShore Biopharma, previously known as YS Biopharma, is a global biopharmaceutical company focused on developing vaccines and therapeutic biologics for infectious diseases and cancer. The company's proprietary PIKA® immunomodulating technology platform underpins its pipeline of preventive and therapeutic candidates targeting Rabies, Hepatitis B, Influenza, and other viral infections. Operating in China, Singapore, and the Philippines, the company is led by a management team with local and global biopharmaceutical experience.
The approval of the merger comes amid a broader trend of biopharmaceutical companies seeking private ownership to reduce regulatory burdens and focus on long-term research without the pressure of quarterly earnings reports. For LakeShore Biopharma, going private could provide the flexibility needed to advance its pipeline and expand its operations in key markets. More information about the company and the merger is available on its investor relations website at https://investors.lakeshorebio.com/.
Forward-looking statements in the press release highlight potential risks, including the possibility that the merger may not occur as planned if events lead to termination of the agreement, financing may not be available, or closing conditions may not be satisfied. These risks are detailed in filings with the U.S. Securities and Exchange Commission, including the Schedule 13E-3 and proxy statement filed by the company. The company does not undertake to update any forward-looking statements except as required by law.
