Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 123

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 123
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 subject to the
legislative process and the regulatory developments are subject to the rule-making process and other administrative procedures.

While the CSRC, the SEC and
the PCAOB have entered into the SOP Agreements regarding the inspection of PCAOB-registered accounting firms in Mainland China,
there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if there is significant change to
current political arrangements between Mainland China and Hong Kong, or if any component of our auditor’s work papers become located
in Mainland China in the future. Delisting of our shares would force holders of our shares to sell their shares. The market price of our
shares could be adversely affected as a result of anticipated negative impacts of these executive or legislative actions upon, regardless
of whether these executive or legislative actions are implemented and regardless of our actual operating performance.

Nasdaq may apply additional and more stringent criteria for our continued listing because our insiders hold a large portion of our listed securities.

Nasdaq Listing Rule 5101 provides
Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and Nasdaq may use such discretion
to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or
suspend 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