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 votes cast supported the proposal to authorize the merger with Oceanpine Skyline Inc. and its subsidiary Oceanpine Merger Sub Inc. The merger, first announced on November 4, 2025, and amended on April 29, 2026, will result in LakeShore Biopharma becoming a wholly owned subsidiary of Parent, with its shares and warrants no longer traded on any public marketplace, including the OTC Pink tier.
The high approval rate reflects strong shareholder support, with 92.3% of outstanding ordinary shares represented at the meeting. The transaction is subject to customary closing conditions, and the company will work diligently to complete the merger in due course. Upon consummation, LakeShore Biopharma will cease to be a publicly traded company, and its securities will be deregistered under the Securities Exchange Act of 1934.
This development marks a significant milestone for LakeShore Biopharma, which has been dedicated to discovering and delivering vaccines and therapeutic biologics for infectious diseases and cancer. The company's proprietary PIKA® immunomodulating technology platform has been a cornerstone of its innovation, targeting diseases such as Rabies, Hepatitis B, and Influenza. Operating in China, Singapore, and the Philippines, the company has leveraged local expertise and global experience in the biopharmaceutical industry.
The decision to go private could provide LakeShore Biopharma with greater operational flexibility, away from the scrutiny and reporting requirements of public markets. However, the company acknowledges inherent risks and uncertainties, including the possibility that the merger might not close as planned if conditions are not met or waived. For more details on the merger and associated risks, the company has filed relevant documents with the U.S. Securities and Exchange Commission (SEC).
As the company progresses toward privatization, it remains focused on its mission to advance its pipeline of vaccines and biologics. The merger represents a strategic shift that may allow management to concentrate on long-term goals without the pressures of quarterly earnings expectations. Investors and stakeholders will be watching closely as the transaction moves toward completion.
