Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 60

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 60
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 liquidity, such a trading prohibition may substantially impair your ability to sell or purchase our Class A Ordinary
Shares when you wish to do so. Furthermore, if we are able to maintain a listing of our Class A Ordinary Shares on a non-U. S. exchange,
investors owning our Class A Ordinary Shares may have to take additional steps to engage in transactions on that exchange, including establishing
non-U. S. brokerage accounts.

The HFCA Act also imposes
additional certification and disclosure requirements for Commission Identified Issuers, and these requirements apply to issuers in the
year following their listing as Commission Identified Issuers. The additional requirements include a certification that the issuer is
not owned or controlled by a governmental entity in the Relevant Jurisdiction, and the additional requirements for annual reports include
disclosure that the issuer’s financials were audited by a firm not subject to PCAOB inspection, disclosure on governmental entities
in the Relevant Jurisdiction’s ownership in and controlling financial interest in the issuer, the names of Chinese Communist Party,
or CCP, members on the board of the issuer or its operating entities, and whether the issuer’s article’s include a charter
of the CCP, including the text of such charter.

The SEC could take the position that we
are an “investment company” subject to the extensive requirements of the Investment Company Act of 1940. Such a characterization
and the associated compliance requirements could have a material adverse effect on our business, financial condition, and results of operations.

Our business had historically
included passive healthcare related investments in early stage companies primarily in the United States. Although we are in the process
of liquidating those securities that remain in our portfolio, we still hold some such investments and these are included as assets of
our Company on a consolidated basis. As part of the Restructure, we resolved to exit such portfolio investments over an appropriate timeframe
and focus our resources on our current business. Since the date of the Restructure, we have not held ourselves out as an investment company
and we do not believe we are an “investment company” under the Investment Company Act of 1940. If the SEC or a court,
however, were to disagree with us, we could be required to register as an investment company. This would subject us to disclosure and
accounting rules geared toward investment companies, rather than operating companies, which may limit our ability to borrow money, issue
options, issue multiple classes of stock and debt, and engage in transactions with affiliates, and may require us to undertake