Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 13

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 13
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 laws and regulations or these statements
or regulatory actions become applicable to our VIE or subsidiaries in the future. Such governmental actions: (i) could significantly limit
or completely hinder our ability to continue our operations; (ii) could significantly limit or hinder our ability to offer or continue
to offer our Class A Ordinary Shares to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline
or be worthless.

The PRC government initiated a series of regulatory actions and statements
to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities
in the securities market, enhancing supervision over mainland Chinese companies listed overseas using variable interest entity structure,
adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless,
since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making
bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated,
if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the VIEs’ daily
business operation, and the continued listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. If any or all of the
foregoing were to occur, it may significantly limit or completely hinder our ability to complete this offering or cause the value of our
Class A Ordinary Shares to significantly decline or become worthless. See “Risk Factors - Risks Related to Our Corporate Structure”
and “Risk Factors - Risks Relating to Doing Business in Hong Kong”.

In addition, our Class A Ordinary
Shares may be prohibited from trading on a national exchange or over-the-counter under the Holding Foreign Companies Accountable Act,
as amended (the “HFCA Act”) if the Public Company Accounting Oversight Board (United States) (the “PCAOB”) is
unable to inspect our auditors for two consecutive years beginning in 2021. Our auditor, Marcum Asia CPAs LLP, have been inspected by
the PCAOB on a regular basis, and Marcum Asia CPAs LLP is not subject to the determinations announced by the PCAOB on December 16, 2021.
If trading in our Class A Ordinary Shares is prohibited under the HFCA Act in the future because the PCAOB determines that it cannot inspect
or fully investigate our auditor at such future time, Nasdaq may determine to delist