Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 18

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 18
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 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 our Class A Ordinary Shares and trading in our Class
A Ordinary Shares could be prohibited. While our auditor is based in the U.S. and is registered with the PCAOB and subject to PCAOB inspection,
in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken
by an authority in a foreign jurisdiction, then such lack of inspection could cause trading in our Ordinary Shares to be prohibited under
the HFCA Act, and ultimately result in a determination by a securities exchange to delist our Ordinary Shares. On August 26, 2022, the
PCAOB signed a Statement of Protocol (the “SOP”) Agreement with the CSRC and China’s Ministry of Finance. The SOP Agreement,
together with two protocol agreements (collectively, “SOP Agreements”), governing inspections and investigations of