Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 82

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 82
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 obstruct or otherwise fail to facilitate the PCAOB’s access in the
future, the PCAOB Board will consider the need to issue a new determination.

As a result of this scrutiny,
criticism and negative publicity, the publicly traded stock of many U. S. listed Chinese and Hong Kong companies sharply decreased in value
and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement
actions and are conducting internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny,
criticism and negative publicity will have on us, our ability to offer or continue to offer securities, business and our share price.
If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend
significant resources to investigate such allegations and/or defend our company. This situation will be costly and time consuming and
distract our management from developing our growth. If such allegations are not proven to be groundless, we and our business operations
will be severely affected and you could sustain a significant decline in the value of our share.

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