LakeShore Biopharma Co, Ltd (Nasdaq: LSB), a China-based global biopharmaceutical company that is involved in discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer, announced on Friday that it has received a staff determination letter from the Nasdaq Stock Market LLC, dated 11 September 2025, notifying that the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the 'Bid Price Rule') because the closing bid price for the Company's ordinary shares was below USD1.00 per share for 30 consecutive business days.

Furthermore, the Letter specifies that the Company is not eligible for the standard 180-day compliance period to regain compliance with the Bid Price Rule. The specific basis for this determination, as identified by Nasdaq, is Listing Rule 5810(c)(3)(A)(iv), which states that a company is ineligible for any compliance period if it has effected a reverse stock split within the prior one-year period. The Company effected a 10-for-1 reverse stock split on October 1, 2024.

Accordingly, the Letter indicates that Nasdaq has determined to delist the Company's securities from The Nasdaq Capital Market. Unless the Company requests an appeal, trading in the Company's securities will be suspended at the opening of business on September 22, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission to remove the Company's securities from listing and registration on The Nasdaq Stock Market.

The Company has the right to request a hearing before a Nasdaq Hearings Panel (the 'Panel') to appeal this determination, with such request due by September 18, 2025. A request for a hearing would stay the suspension of the Company's securities pending the Panel's decision. The Company is currently evaluating the Nasdaq determination and considering its available options, including whether to request a hearing. There can be no assurance that the Company will appeal the determination, that any appeal would be successful, or that the Company will ultimately be able to regain compliance with the applicable Nasdaq listing requirements.