Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 5

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 5
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 company, we will be dependent on receipt of
funds from our operating subsidiaries in Hong Kong. If our VIE or subsidiaries incur debt on their own behalf in the future, the instruments
governing such debt may restrict their ability to pay dividends to us. To date, there have not been any such dividends or other distributions
from our VIE or subsidiaries to our subsidiaries located outside of China. In addition, as of the date of this prospectus, neither our
VIE or any of our subsidiaries nor investments have ever issued any dividends or distributions to us or their respective shareholders
outside of China. For a detailed description on our intentions to distribute earnings or settle amounts owed and any transfers,
dividends or distributions made to date, see “Cash Transfers and Dividend Distribution” in the Prospectus Summary Section.

Pursuant to the Holding Foreign Companies Accountable
Act (the “HFCAA”), the Public Company Accounting Oversight Board (the “PCAOB”) issued a Determination Report on
December 16, 2021 which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered
in: (1) mainland China of the PRC, and (2) Hong Kong, because of positions taken by the PRC authorities in those jurisdictions. In addition,
the PCAOB’s report identified the specific registered public accounting firms which are subject to these determinations. Our auditors
have been inspected by the PCAOB on a periodic basis. Therefore, our auditors were not identified in this report as a firm subject to
the PCAOB’s determination. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of
Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. Pursuant to the Protocol,
the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability
to transfer information to the SEC. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered
public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out
of our control. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered
public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCA