华谊信资本 | 美股SPAC | 纳斯达克上市 | SPAC造壳上市 | 企业上市案例 特殊目的收购公司（SPAC）以造壳上市、反向并购模式为企业提供便捷融资路径。然而，纳斯达克市场上越来越多的SPAC公司都因各类问题陷入停牌 退市的困境。SPAC造壳过程艰辛，最终退市的结局令人惋惜，华谊信资本深入剖析这些折戟SPAC的案例及其背后根源，为市场参与者敲响警钟。 一、合并中折戟：未守合并期的退市困局 纳斯达克对SPAC的核心规则要求之一，便是明确规定其需在IPO后一定期限内完成与目标企业的业务合并，这一期限通常为18-24个月，部分情况下可 延长至36个月。一旦超出期限未能完成合并，SPAC将面临停牌乃至退市的结局。 一直以来，此类因未遵守合并期限而退市的案例不在少数，Bowen Acquisition Corp与深圳仟枝生物的合并案便是近期代表。 | Bowen Acquisition(NASDAQ:BOWN) 可融资 | | | | | 加自选 | | --- | --- | --- | --- | --- | --- | | $9.19 -- | 退市 | | | | 17 球友关注 | | 最高: -- ...

Core Viewpoint - LSB Industries, Inc. is actively participating in investor conferences and has announced its financial results for the third quarter of 2025, showcasing significant improvements in net sales and net income compared to the previous year [1][5][6]. Company Overview - LSB Industries, Inc. is headquartered in Oklahoma City, Oklahoma, and focuses on producing low and no carbon products for various markets, including agriculture, industrial, and mining [2]. - The company manufactures ammonia and related products at multiple facilities across the United States [2]. Financial Performance - For the third quarter of 2025, LSB reported net sales of $155.4 million, an increase from $109.2 million in the third quarter of 2024 [5]. - The company achieved a net income of $7.1 million, a significant turnaround from a net loss of $25.4 million in the same quarter of the previous year [5]. - Diluted earnings per share (EPS) improved to $0.10 compared to a loss of $0.35 in the third quarter of 2024 [5]. Upcoming Events - LSB Industries will release its financial results for the third quarter on October 29, 2025, and will host a conference call on October 30, 2025, to discuss these results [6]. - The company’s Executive Vice President and CFO, Cheryl Maguire, will participate in the NYSE Industrials Virtual Conference on November 18 and 19, 2025, with one-on-one meetings available on November 19 [1].

Core Viewpoint - LakeShore Biopharma Co., Ltd has announced a merger agreement with Oceanpine Skyline Inc., implying an equity value of approximately US$37 million for the company [1]. Merger Details - The merger will involve the cancellation of each ordinary share of LakeShore Biopharma in exchange for US$0.90 in cash per share [2]. - The merger consideration represents a premium of approximately 15.4% to the closing price of the shares on August 15, 2025, and a premium of approximately 16.6% to the average closing price during the last 15 trading days prior to that date [3]. - Certain shareholders, known as Rollover Shareholders, have agreed to cancel their shares for newly issued shares of Parent as part of a support agreement [4]. Funding and Approval - The merger will be funded through a combination of cash contributions from Oceanpine Capital Inc. and equity rollover by the Rollover Shareholders [5]. - The board of directors has unanimously approved the merger agreement and will recommend that shareholders vote in favor of it [6]. - The merger is expected to close in the first quarter of 2026, pending approval from at least two-thirds of the votes cast by shareholders [7]. Advisory and Documentation - Kroll, LLC is serving as the financial advisor to the Special Committee, while various law firms are providing legal counsel [8]. - The company will file a current report with the U.S. Securities and Exchange Commission (SEC) regarding the merger, including the merger agreement [10]. - A proxy statement will be prepared and mailed to shareholders, along with a Schedule 13E-3 Transaction Statement [11].

Core Viewpoint - LakeShore Biopharma has formed a Special Committee to evaluate a revised preliminary non-binding acquisition proposal and has engaged financial and legal advisors for this process [1][2]. Company Overview - LakeShore Biopharma, formerly known as YS Biopharma, is a global biopharmaceutical company focused on developing vaccines and therapeutic biologics for infectious diseases and cancer [3]. - The company utilizes a proprietary PIKA immunomodulating technology platform and targets diseases such as Rabies, Hepatitis B, and Influenza [3]. - LakeShore Biopharma operates in China, Singapore, and the Philippines, led by a management team with extensive local and global biopharmaceutical experience [3].

Core Viewpoint - LakeShore Biopharma has received a revised non-binding proposal from a consortium to acquire all outstanding ordinary shares at a price of US$0.86 per share, which is unchanged from the original proposal [1][2]. Group 1: Proposal Details - The consortium, consisting of Oceanpine Investment Fund II LP, Oceanpine Capital Inc., and Crystal Peak Investment Inc., aims to acquire all ordinary shares not currently owned by them in an all-cash transaction [1][11]. - The consortium currently owns approximately 52.1% of the Company's issued and outstanding ordinary shares and has agreed to vote in favor of the proposed transaction [3][12]. - The proposal remains unchanged from the original offer made on August 18, 2025, and the consortium has committed to not support any competing bids while they remain members [2][15]. Group 2: Board and Committee Actions - The Company has formed a special committee of three independent directors to evaluate the revised proposal and the proposed transaction, with Adam Zhao serving as the chair [4]. - The special committee will retain independent legal and financial advisors to assist in its review of the proposal [12]. Group 3: Company Background - LakeShore Biopharma, formerly known as YS Biopharma, is focused on developing vaccines and therapeutic biologics for infectious diseases and cancer, utilizing its proprietary PIKA® immunomodulating technology platform [6]. - The Company operates in China, Singapore, and the Philippines, and is led by a management team with extensive experience in the biopharmaceutical industry [6].

Group 1 - The core viewpoint of the article highlights the financial performance and stock movement of Lakeshore Biosciences (LSB), indicating a positive trend in both revenue and net profit [1] - As of August 18, LSB's stock price increased by 3.36%, reaching $0.806 per share, with a total market capitalization of $33.2257 million [1] - Financial data shows that by March 31, 2025, LSB's total revenue amounted to 615 million RMB, reflecting a year-on-year growth of 7.24% [1] Group 2 - The net profit attributable to the parent company was reported at -99.9825 million RMB, which represents a significant year-on-year increase of 76.93% [1] - Lakeshore Biosciences is a Cayman Islands-registered holding company, primarily operated by its domestic subsidiary, Beijing Yisheng Biotechnology Co., Ltd. [1] - Beijing Yisheng Biotechnology is a global biopharmaceutical company focused on the discovery, development, production, and commercialization of next-generation vaccines and therapeutic biologics for infectious diseases and cancer [1]

Core Viewpoint - Lakeshore Biotech (LSB) has shown a significant stock price increase of 8.97% on August 18, reaching $0.85 per share, with a total market capitalization of $35.03 million [1]. Financial Performance - As of March 31, 2025, Lakeshore Biotech reported total revenue of 615 million RMB, reflecting a year-on-year growth of 7.24% [1]. - The company recorded a net profit attributable to shareholders of -99.98 million RMB, which represents a substantial year-on-year increase of 76.93% [1]. Company Overview - Lakeshore Biotech is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, Beijing Yisheng Biotech Co., Ltd. [1]. - Beijing Yisheng Biotech is a global biopharmaceutical company focused on the discovery, development, production, and commercialization of next-generation vaccines and therapeutic biologics for infectious diseases and cancer treatment [1].

Core Viewpoint - LakeShore Biopharma has received a preliminary non-binding proposal from Oceanpine Capital to acquire all outstanding ordinary shares at a price of US$0.86 per share, representing a premium over recent trading prices [1][2][10]. Group 1: Proposal Details - The proposed purchase price of US$0.86 per Ordinary Share represents a premium of 10.3% to the last closing price on August 15, 2025, and an 11.4% premium to the average closing price over the last 15 trading days [2][10]. - Oceanpine Capital plans to fund the transaction using rollover equity and available cash, ensuring that the proposal is not subject to a financing condition [2][11]. - Oceanpine Capital has engaged White & Case LLP as its international legal advisor for the proposed transaction [2][12]. Group 2: Company Background - LakeShore Biopharma is a global biopharmaceutical company focused on developing vaccines and therapeutic biologics for infectious diseases and cancer, utilizing its proprietary PIKA® immunomodulating technology platform [5]. - The company operates in China, Singapore, and the Philippines, led by a management team with extensive local and global experience in the biopharmaceutical industry [5]. Group 3: Board's Response - The Board of LakeShore Biopharma has just received the proposal and will review it to determine the best course of action for the company and its shareholders [3][4].

Core Insights - Lakeshore Biotech (LSB) experienced a stock price increase of 3.67%, reaching $0.819 per share with a total market capitalization of $33.75 million as of August 16 [1] - As of March 31, 2025, Lakeshore Biotech reported total revenue of 615 million RMB, reflecting a year-on-year growth of 7.24% [1] - The company recorded a net profit attributable to shareholders of -99.98 million RMB, which represents a significant year-on-year increase of 76.93% [1] - Lakeshore Biotech is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, Beijing Yisheng Biotech Co., Ltd., which focuses on the discovery, development, production, and commercialization of next-generation vaccines and therapeutic biologics for infectious diseases and cancer [1]

Core Viewpoint - Lakeshore Biotech (LSB) has shown a positive market performance with a 3.13% increase in stock price, reaching $0.79 per share, and a total market capitalization of $32.55 million [1] Financial Performance - As of March 31, 2025, Lakeshore Biotech reported total revenue of 615 million RMB, reflecting a year-on-year growth of 7.24% [1] - The company experienced a significant increase in net profit attributable to shareholders, amounting to -99.98 million RMB, which represents a year-on-year growth of 76.93% [1] Company Overview - Lakeshore Biotech is a Cayman Islands-registered holding company, primarily operated by its domestic subsidiary, Beijing Yisheng Biotech Co., Ltd. [1] - Beijing Yisheng Biotech Co., Ltd. is a global biopharmaceutical company focused on the discovery, development, production, and commercialization of next-generation vaccines and therapeutic biologics for infectious diseases and cancer [1]