LakeShore Biopharma postpones shareholder meeting amid merger dispute

LakeShore Biopharma Co., Ltd. (OTCPK: LSBCF) postponed its extraordinary general meeting of shareholders scheduled for February 12, 2026, after a buyer group indicated it would not complete the previously announced $0.90 per share going-private transaction.

The buyer group, which includes Oceanpine Skyline Inc., Oceanpine Capital Inc., and several investment funds, sent notice on February 4, 2026, asserting that arbitral awards received by LakeShore constitute a "Company Material Adverse Effect" under the merger agreement signed November 4, 2025.

The Kaifeng Arbitration Commission issued awards to LakeShore on January 21 and January 22, 2026, resulting in a financial liability of approximately RMB576.5 million ($79.8 million). The buyer group claims this liability triggers a condition that allows it to withdraw from the merger.

The buyer group stated it would not attend or vote at the shareholder meeting, which was intended to approve the merger agreement and related transactions. The group expressed willingness to engage in discussions with LakeShore to explore amendments to the transaction terms.

LakeShore operates as a biopharmaceutical company focused on vaccines and therapeutic biologics for infectious diseases and cancer. The company has operations in China, Singapore, and the Philippines.

All proxy cards submitted for the postponed meeting will be disregarded, according to the company's announcement. LakeShore stated it will review the buyer group's claims and evaluate its options.

The information is based on a company press release statement.

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