LakeShore Biopharma Co., Ltd. (LSBC)

LakeShore Biopharma Co., Ltd. is a Cayman Islands holding company that operates in China, with additional activity in Singapore and the Philippines, and its press releases are datelined Beijing. The company was previously known as YS Biopharma. It develops vaccines and therapeutic biologics for infectious diseases and cancer, and it became a U.S.-listed company through a business combination with a special purpose acquisition company in 2023.

Its core technology was the PIKA immunomodulating platform. The company applied PIKA to a rabies vaccine and to programs targeting hepatitis B, influenza, and other viral infections, and it also had work in therapeutic biologics. Its business was centered on research, development, and manufacturing in China, and it relied on regulatory approvals from Chinese authorities and on financing to advance candidates through clinical development.

After listing, the company's shares traded on the Nasdaq Capital Market under the symbol LSBC, with warrants trading under a separate symbol. As with many small-capitalization biotechnology companies, the share price came under pressure. The company carried out a reverse stock split to try to maintain its listing, an action that later affected its options under Nasdaq's rules.

Nasdaq requires a minimum bid price of $1.00 for continued listing on its Capital Market. A company that falls below that level ordinarily receives a period of 180 days, and sometimes a second period, to regain compliance. Under Nasdaq's rules, however, a company that has effected a reverse stock split within the prior year is not eligible for a compliance period if it again falls out of compliance with the bid price requirement.

That rule applied to LakeShore. On September 11, 2025, Nasdaq sent the company a delisting determination letter citing noncompliance with the minimum bid price requirement and its ineligibility for a compliance period because of the earlier reverse split. Trading was suspended on September 22, 2025, and the company said its securities were expected to begin trading on the OTC Pink Open Market the same day, with September 19 as the last Nasdaq session.

After suspension the ordinary shares were quoted as LSBCF and the warrants as LSBWF. The company stated that the move did not change its business operations. Nasdaq filed a Form 25 with the SEC on November 14, 2025 to complete removal from listing and registration, which took effect about ten days later. The delisting was not an acquisition or a merger, and no consideration was paid to shareholders.