Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 135

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 135
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 or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or
continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all
enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to deny initial or continued
listing or to apply additional and more stringent criteria in the instances, including but not limited to: (i) where the company
engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not
demonstrated sufficient resources, geographic reach, or experience to adequately perform the company’s audit; (ii) where the
company planned a small public offering, which would result in insiders holding a large portion of the company’s listed securities;
and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders,
operations, or members of the board of directors or management. The insiders of our Company hold a large portion of the company’s
listed securities. Therefore, we may be subject to the additional and more stringent criteria of Nasdaq for our continued listing, which
might result in deficiency letters or inquiries that will take management’s time away from focusing on our operations.

Our business, financial condition and results of operations, and/or the value of Aptorum Class A ordinary shares or our ability to offer or continue to offer securities to investors may be materially and adversely affected to the extent the laws and regulations of the PRC become applicable to a company such as us.

We currently do not have or
intend to have any subsidiary or any contractual arrangement to establish a variable interest entity structure with any entity in mainland
China. All of our operating entities are in jurisdictions outside of mainland China, including the VIE which is incorporated under the
laws of Cayman Islands and conducts operations in Hong Kong. However, as our principal place of business is in Hong Kong, a
special administrative region of China, there is no guarantee that if certain existing or future laws of the PRC become applicable to
a company such as us, it will not have a material adverse impact on our business, financial condition and results of operations and/or
our ability to offer or continue to offer securities to investors, any of which may cause the value of such securities to significantly
decline or be worthless.

Except for