Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

SECURITIES PURCHASE AGREEMENT
(this “Agreement”), dated as of May 16, 2022, by and between AnPac Bio-Medical Science Co., Ltd.,
a British Virgin Islands corporation (the “Company”), and Mr. Trung Tri Doan, an individual (the “Investor”),
with US Passport [   ], residence at [   ].

 

A.            The
Company wishes to sell to the Investor, and the Investor wishes to purchase, on the terms and subject to the conditions set forth in this
Agreement, (a) an aggregate of [   ] ordinary shares in the form of American Depositary Shares, each representing
one Class A ordinary share, par value $0.01 per share, of the Company (the “ADSs”); and (b) an aggregate
of [   ] pre-funded warrants (each, a “Pre-funded Warrant”; and together with the ADSs, the “Securities”),
each to purchase one (1) ADS at an exercise price of $0.00001 until such time as the Pre-funded Warrants are exercised in full subject
to adjustment as provided in the Pre-funded Warrants. The purchase price for the ADSs shall be $[   ] per share, 90% of
the average of the previous five (5) day share closing prices before the SPA signing date. The purchase price for the Pre-funded
Warrants shall be $[   ], equal to the ADS purchase price, minus $0.00001, the exercise price for the Pre-funded Warrants.
The Investor will invest approximately $[   ] million in the Company to acquire an aggregate of [   ] ADS
and [   ] Pre-funded Warrants.

 

B.            The
sale of the Securities by the Company to the Investor will be effected in reliance upon the exemption from securities registration afforded
by Section 4(a)(2) under the Securities Act.

 

C.            As
of May 11, 2022, the Company has 25,220,164 outstanding shares, consisting of 22,447,064 Class A
ordinary Shares and 2,773,100 Class B ordinary Shares.

 

D.            The
Company shall start paperwork within thirty (30) days to issue ADSs to the Investor after signing the SPA.

 

In consideration of the mutual
promises made herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company
and the Investor hereby agree as follows:

 

		1.	PURCHASE AND SALE OF THE SECURITIES.

 

1.1            Share
Closing. Upon the terms and subject to the satisfaction or waiver of the conditions set forth herein, the Company agrees to sell and
the Investor agree to purchase the Securities for an aggregate purchase price of approximately $1.4 million (the “Share Purchase
Price”). The Investor shall wire the purchase price for the Securities to the Company designated bank account (per the Company’s
wiring instruction in Exhibition A) within five (5) business days after signing this SPA.
The date on which the closing of such purchase and sale occurs (the “Share Closing”) is hereinafter referred
to as the “Share Closing Date”. The Share Closing will be deemed to occur when (A) this Agreement has been
executed and delivered by the Company and the Investor, (B) each of the conditions to the Share Closing described in Section 5
of this Agreement has been satisfied or waived as specified therein and (C) full payment of the Share Purchase Price has been made
by the Investor to the Company by wire transfer of immediately available funds against physical delivery by the Company of duly executed
certificates representing the Shares being purchased by the Investor, registered in the name and address of the Investor as is set forth
on the signature page hereto.

 

     

     

    

 

1.2            Certain
Definitions. When used herein, the following terms shall have the respective meanings indicated:

 

“Affiliate”
means, as to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, the specified Person. For the purposes of this definition, “control” (including
the terms “controlling” “controlled by” and “under common control with”) means the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise.

 

“ADSs”
has the meaning specified in the preamble to this Agreement.

 

“Board of Directors”
means the Company’s board of directors.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which The NASDAQ Stock Market is closed or on which banks in The City of New
York are required or authorized by law to be closed.

 

“Closing”
means each of the Share Closing.

 

“Closing Date”
means each of the Share Closing Date

 

“Commission”
means the Securities and Exchange Commission.

 

“Governmental Authority”
means any nation or government, any state, provincial or political subdivision thereof having jurisdiction over the Company and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including without
limitation any stock exchange, securities market or self-regulatory organization.

 

“Law”
means any applicable federal, state, local or foreign or provincial law, statute, code, ordinance, rule, regulation, judgment, order,
injunction, decree or agency requirement of or undertaking to or agreement with any Governmental Authority, including common law.

 

“Material Adverse
Effect” means, with respect to any Person, any fact, circumstance, event, change, effect or occurrence that, individually
or in the aggregate with all other facts, circumstances, events, changes, effects or occurrences (i) has or would be reasonably expected
to have a material adverse effect on or with respect to the business, results of operation or financial condition of such Person and its
Subsidiaries, if any, taken as a whole, or (ii) that prevents or materially delays or materially impairs the ability of such Person
to consummate the transactions contemplated by this Agreement.

 

“NASDAQ”
means the NASDAQ Stock Market.

 

“Person”
means any individual, corporation, trust, association, company, partnership, joint venture, limited liability company, joint stock company,
Governmental Authority or other entity.

 

“Prefunded Warrant”
has the meaning specified in the preamble to this Agreement.

 

    	 	2	 

     

    

 

“Rule 144”
means Rule 144 under the Securities Act or any successor provision.

 

“Rule 506”
means Rule 506 promulgated under Regulation D under the Securities Act or any successor provision.

 

“SEC Reports”
means (i) the Company’s Form 20-F for the fiscal year ended December 31, 2020 filed with the Securities and Exchange
Commission on April 30, 2021, and (ii) each form, document, statement and report filed by the Company since September 20,
2019.

 

“Securities”
has the meaning specified in the preamble to this Agreement.

 

“Securities Act”
means the Securities Act of 1933, as amended (or any successor act), and the rules and regulations thereunder (or respective successors
thereto).

 

“Share Closing”
has the meaning specified in Section 1.1 of this Agreement.

 

“Share Closing Date”
has the meaning specified in Section 1.1 of this Agreement.

 

“Share Purchase
Price” has the meaning specified in Section 1.1 of this Agreement.

 

“Shares”
has the meaning specified in the preamble to this Agreement.

 

1.3            Other
Definitional Provisions. All definitions contained in this Agreement are equally applicable to the singular and plural forms of the
terms defined. The words “hereof”, “herein” and “hereunder”
and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this
Agreement.

 

		2.	REPRESENTATIONS AND WARRANTIES OF THE INVESTOR.

 

The Investor hereby represents
and warrants to the Company and agrees with the Company, that, as of the date hereof:

 

2.1            Enforceability.
The Investor has the requisite power and authority to purchase the Securities to be purchased by him hereunder and to execute, deliver
and perform its obligations pursuant to this Agreement. This Agreement constitutes, upon execution and delivery thereof, the Investor’s
valid and legally binding obligation, enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or other similar laws of general application relating to or affecting the enforcement
of creditors’ rights generally and (ii) general principles of equity.

 

2.2            Investor
Status. At the time the Investor was offered the Securities, the Investor was and at the date hereof, is (i) an “accredited
investor” as defined in Rule 501 of Regulation D under the Securities Act and (ii) not formed or organized with the specific
purpose of making an investment in the Company. The Investor’s financial condition is such that he is able to bear the risk of holding
the Securities for an indefinite period of time and the risk of loss of his entire investment. The Investor has such knowledge and experience
in business and financial matters so as to enable it to understand the risks of and form an investment decision with respect to his investment
in the Securities.

 

    	 	3	 

     

    

 

2.3            Disqualification.
The Investor represents that neither the Investor, nor any person or entity with whom the Investor shares beneficial ownership of Company
securities, is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under
the Securities Act. Investor also agrees to notify the Company if Investor or any person or entity with whom Investor or any person or
entity with whom Investor shares beneficial ownership of Company securities becomes subject to such disqualifications after the date hereof
(so long as Investor or any such person beneficially owns any equity securities of the Company).

 

2.4            Purchase
Entirely for Own Account. The Investor is acquiring the Securities for his own account and not with a view to, or for sale in connection
with, any distribution of the Securities in violation of the Securities Act. The Investor has no present agreement, undertaking, arrangement,
obligation or commitment providing for the disposition of the Securities.

 

2.5            Information.
The Investor acknowledges that he has been provided with information regarding the business, operations and financial condition of the
Company and has, prior to the date hereof, been granted the opportunity to ask questions of and receive answers from representatives of
the Company, its officers, directors, employees and agents concerning the Company in order for the Investor to make an informed decision
with respect to his investment in the Securities. The Investor has sought such accounting, legal and tax advice as well as language translation
since this agreement is written in English as he deems appropriate in connection with his proposed investment in the Securities.

 

2.6            Securities
Not Registered in the United States. The Investor understands that the Securities have not been registered under the Securities Act,
by reason of their issuance by the Company in a transaction exempt from the registration requirements of the Securities Act, and that
the Securities must continue to be held by the Investor until a subsequent disposition thereof is registered under the Securities Act,
including pursuant to the Registration Statement, or is exempt from such registration.

 

2.7            Reliance
on Exemptions. The Investor understands that the Securities are being offered and sold to him in reliance upon specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying upon the truth and accuracy
of the representations and warranties of the Investor set forth in this Section 2 in order to determine the availability of
such exemptions and the eligibility of the Investor to acquire the Securities.

 

2.8            ADSs
Ownership. The Investor’s investment in the Securities is not for the purpose of acquiring, directly or indirectly, control
of, and they have no intent to acquire or exercise control of, the Company.

 

2.9            Investor’s
Financing. At the Closing, the Investor will have all funds necessary to pay to the Company the Share Purchase Price for the Securities
being purchased by the Investor hereby in immediately available funds.

 

2.10          Brokers.
The Investor has not retained, utilized or been represented by any broker or finder in connection with the transactions contemplated by
this Agreement whose fees the Company would be required to pay.

 

    	 	4	 

     

    

 

2.11            No
Governmental Review. The Investor understands that no Governmental Authority has passed on or made any recommendation or endorsement
of the Securities or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed
the merits of the offering of the Securities.

 

2.12            No
General Solicitation. The Investor is not purchasing the Securities as a result of any advertisement, article, notice or other communication
published in a newspaper or magazine or similar media or broadcast over television or radio, whether closed circuit, or generally available,
or any seminar, meeting or other conference whose attendees were invited by any general solicitation or general advertising.

 

2.13            Reliance
on Information. The Investor has, in connection with the Investor’s decision to purchase the Securities, not relied upon any
representations or other information (whether oral or written) other than as set forth in the representations and warranties of the Company
contained herein and in the SEC Reports, and the Investor has, with respect to all matters relating to this Agreement and the offer and
sale of the Securities, relied solely upon the advice of the Investor’s own counsel and has not relied upon or consulted counsel
of the Company.

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants
to the Investor and agrees with the Investor that, as of the date hereof:

 

3.1            Organization,
Good Standing and Qualification. The Company is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization, with all requisite power and authority to carry on its business as now conducted. The Company is not in violation
of its certificate of incorporation, by-laws or other equivalent organizational or governing documents, except where the violation would
not, individually or in the aggregate, have a Material Adverse Effect.

 

3.2            Authorization;
Consents. The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement
and to issue and sell the Securities to the Investor in accordance with the terms hereof. All consents, approvals, orders and authorizations
required on the part of the Company in connection with the execution, delivery or performance of this Agreement have been obtained or
made, other than such consents, approvals, orders and authorizations the failure of which to make or obtain would not have a Material
Adverse Effect.

 

3.3            Enforcement.
This Agreement has been duly executed and delivered by the Company. This Agreement constitutes the valid and legally binding obligation
of the Company, enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, fraudulent
transfer, moratorium, reorganization or other similar laws of general application relating to or affecting the enforcement of creditors’
rights generally, (ii) general principles of equity and (iii) with respect to the enforcement of any rights to indemnity and
contribution, federal and state securities laws and principles of public policy.

 

3.4            Disqualification.
The Company is not disqualified from relying on Rule 506 for any of the reasons stated in Rule 506(d) in connection with
the issuance and sale of the Securities to the Investor.

 

    	 	5	 

     

    

 

3.5            Capitalization.
The capitalization of the Company, including its authorized capital stock, the number of shares issued and outstanding, the number of
shares issuable and reserved for issuance pursuant to the Company’s equity plans and agreements and the number of shares issuable
and reserved for issuance pursuant to securities exercisable for, or convertible into or exchangeable for any ADSs, is as set forth in
the SEC Reports. Other than as contemplated by this Agreement and as described in the SEC Reports, there are no options, warrants, calls,
rights, commitments, preemptive rights, rights of first refusal or other agreements to which the Company is a party or by which it is
bound obligating the Company to issue, deliver, sell, repurchase or redeem, or cause to be issued, delivered, sold, repurchased or redeemed,
any shares of the capital stock of the Company or obligating the Company to grant, extend or enter into any such option, warrant, call,
right, commitment or agreement. No preemptive right, co-sale right, right of first refusal or other similar right exists with respect
to the Securities or the issuance and sale thereof. No further approval or authorization of any stockholder, or the Board of Directors
is required for the issuance and sale of the Securities.

 

3.6            Due
Authorization; Valid Issuance. The Securities are duly authorized and, when issued in accordance with the terms of this Agreement,
will be duly and validly issued, fully paid and nonassessable, free of pre-emptive or similar rights and free and clear of all liens,
encumbrances and other restrictions (other than those arising under federal or state securities laws as a result of the private placement
contemplated hereby).

 

3.7            General
Solicitation; No Integration. Neither the Company nor any of its Affiliates, nor any person acting on its or their behalf, has engaged
in a general solicitation or general advertising (within the meaning of Regulation D) of investors with respect to offers or sales of
the Securities.

 

3.8            Stockholder
Consent. No consent or approval of the stockholders of the Company is required or necessary for the Company to enter into this Agreement
or to consummate the transactions contemplated hereby and thereby.

 

		4.	OTHER AGREEMENTS OF THE PARTIES.

 

4.1            Transfer
Restrictions.

 

(a)            The
Investor covenants that the Securities will only be disposed of pursuant to an effective registration statement under, and in compliance
with the requirements of, the Securities Act or pursuant to an available exemption from the registration requirements of the Securities
Act, and in compliance with any applicable state securities laws. In connection with any transfer of Securities other than pursuant to
an effective registration statement or to the Company, the Company may require the transferor to provide to the Company an opinion of
counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect
that such transfer does not require registration under the Securities Act.

 

(b)            The
Investor agrees to the imprinting, so long as is required by this Section 4.1(b), of a legend on any certificate evidencing
Securities substantially to the following effect:

 

    	 	6	 

     

    

 

“THE SECURITIES REFERENCED HEREIN
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) AND HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE U.S. SECURITIES ACT.”

 

		5.	CONDITIONS TO CLOSING.

 

5.1            Conditions
to Investor’s Obligations at the Closings. The Investor’s obligations to effect the Closing, including without limitation
its obligation to purchase the Securities at Closing, are conditioned upon the fulfillment (or waiver by the Investor in its sole and
absolute discretion) of each of the following events as of the Closing Date:

 

		5.1.1	the representations and warranties of the Company set forth in this Agreement shall be true and correct
in all material respects as of the Closing Date as if made on such date (except that to the extent that any such representation or warranty
relates to a particular date, such representation or warranty shall be true and correct in all material respects as of that particular
date);

 

		5.1.2	After receiving the full amount of the Share Purchase Price $[   ] million US Dollars (USD$[   ]
million) wired to the Company Bank account, the Company shall send to CITI bank N.A. as the Depositary, Maples Fund Services (Cayman)
Limited as the Registrar, orders to issue to the Investor [   ] Book entry or a duly executed certificate. An official
notification and receipt of Shares issued from the company and CITI bank shall be delivered to the Investor before May [   ],
2022 (or within five (5) days after Company has received the full amount of the Share Purchase Price $[   ] million
US Dollars (USD$[   ] million) wired to the Company Bank account, whichever is later) by registered mail and email.

 

5.2            Conditions
to Company’s Obligations at the Closings. The Company’s obligations to effect the Closing with the Investor are conditioned
upon the fulfillment (or waiver by the Company in its sole and absolute discretion) of each of the following events as of the Closing
Date:

 

		5.2.1	the representations and warranties of the Investor set forth in this Agreement shall be true and correct
in all material respects as of the Closing Date as if made on such date (except that to the extent that any such representation or warranty
relates to a particular date, such representation or warranty shall be true and correct in all material respects as of that date);

 

    	 	7	 

     

    

 

		5.2.2	the Investor shall have tendered to the Company the Share Purchase Price for the Securities being purchased
by it at the Closing by wire transfer of immediately available funds in accordance with the wire transfer instructions set forth on Exhibit A
hereto.

 

		6.	MISCELLANEOUS.

 

6.1            Termination.
This Agreement may be terminated by the Company or the Investor, by written notice to the other party, if the Closings have not been consummated
by May 25, 2022; provided that no such termination will affect the right of any party to sue for any breach by the other party.

 

6.2            Liquidated
Damages.

 

6.2.1                        If
(a) the Investor has completed its obligations under Sections 5.1.1 and 5.1.2, and has tendered the Share Purchase
Price as required in Section 5.2.2, and (b) the Company fails to complete the obligations set forth in Section 5.1
or otherwise fails to consummate the transaction by May [   ], 2022, then upon receipt of written or email request
from the Investor, the Company shall promptly return to the Investor any cash deposit to the Company Bank Account made by the investor
within 5 business days; the Investor is entitled to a penalty payment by the company to the Investor at the rate of 1% per day if the
cash is not returned to the investor after the 5 business days post notification. .

 

6.2.2                        If
(a) the Company has completed its obligations under Section 5.2.1 and has tendered the Securities as required in 5.1.2, and
(b) the Investor fails to complete the obligations set forth in Section 5.2 or otherwise fails to consummate the transaction
by May 25, 2022, then the Company shall have no obligation to issue the Shares.

 

The Company shall pay all expenses
incurred by the Investor enforcing of this Agreement including the Investor’s legal, litigation fees, court costs and expenses.

 

6.2.3                        This
Section 6.2 shall survive any termination or expiration of this Agreement.

 

6.3            Survival;
Severability. The covenants and indemnities, agreements, representations and warranties made by the parties herein shall survive the
Closings, provided, however, that the representations and warranties set forth or made by the Investor herein will terminate upon the
final sale of the Securities. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that
in such case the parties shall negotiate in good faith to replace such provision with a new provision which is not illegal, unenforceable
or void, as long as such new provision does not materially change the economic benefits of this Agreement to the parties.

 

6.4            Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the
parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason
of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement
without the written consent of the other party.

 

    	 	8	 

     

    

 

6.5            Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Company
and the Investor will be entitled to seek specific performance under this Agreement. The parties agree that monetary damages may not be
adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees
to waive in any action for specific performance of any such obligation (other than in connection with any action for temporary restraining
order) the defense that a remedy at law would be adequate.

 

6.6            Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State
of Delaware for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereby waives all rights to a trial by
jury.

 

6.7            Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same instrument. This Agreement may be executed and delivered by facsimile transmission.

 

6.8            Headings.
The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

6.9            Notices.
Any notice, demand or request required or permitted to be given by the Company or any Investor pursuant to the terms of this Agreement
shall be in writing and shall be deemed delivered (i) when delivered personally or by verifiable facsimile transmission, unless such
delivery is made on a day that is not a Business Day, in which case such delivery will be deemed to be made on the next succeeding Business
Day, (ii) on the next Business Day after timely delivery to an overnight courier and (iii) on the Business Day actually received
if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid), addressed as follows:

 

If to the Company:

Attn: Dr. Chris Chang Yu

AnPac Bio-Medical Science Co., Ltd.

Address: 801 Bixing Street, Bihu County,
Lishui, Zhejiang, Province, China, 323006

Email:

Telephone:

 

    	 	9	 

     

    

 

If to the Investor:

Attn: Trung Tri Doan

Address:

 

6.10            Fees
and Expenses. The Company shall pay all expenses incurred incident to the negotiation, preparation, execution, delivery and performance
of this Agreement, including reasonable fees and expenses of the Investor’s legal advisers incurred on or prior to the Closing Dates.
The Company shall pay all stamp taxes and other taxes and duties levied in connection with the sale and issuance of his Securities. Upon
request by written or email notice from the Investor, the Company shall cooperate to assist in such sale by the Investor to the extent
permitted by Rule 144 or as may be permitted upon registration of the Shares; the Company shall pay all expenses incurred therewith,
including but not limited to medallion guarantee (or other type of guarantee or notarization) or legal fees.

 

6.11            Entire
Agreement; Amendments. This Agreement constitutes the entire agreement between the parties with regard to the subject matter hereof,
superseding all prior agreements or understandings, whether written or oral, between or among the parties. Except as expressly provided
herein, neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and
the Investor, and no provision hereof may be waived other than by a written instrument signed by the party against whom enforcement of
any such waiver is sought. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given.

 

[Signature Pages to Follow]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the undersigned
have duly executed this Securities Purchase Agreement as of the date first above written.

 

	 	Company Name
	 	 	 	 
	 	AnPac Bio-Medical Science Co., Ltd
	 	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Name:	 Dr. Chris Chang Yu
	 	 	 	 
	 	 	Title: 	Co-Chairman and Co- Chief Executive Officer
	 	 	 	 
	 	 	Date:	 
	 	 	 	 
	 	INVESTOR
	 	 	 	 
	 	By: 	 
	 	 	 	 
	 	NAME: 	___Trung Tri Doan
	 	 	 	 
	 	Date:	 

 

     

     

    

 

EXHIBIT A

 

WIRE INSTRUCTIONSExhibit 10.2

 

PREFUNDED AMERICAN DEPOSITARY SHARES PURCHASE
WARRANT

 

AnPac
Bio-Medical Science Co., Ltd.

 

	Warrant ADSs: 	Issue Date: May 16, 2022

 

THIS PREFUNDED AMERICAN DEPOSITARY
SHARES PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Mr. Trung Tri Doan or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) until this Warrant is exercised in
full (the “Termination Date”), but not thereafter, to subscribe for and purchase from AnPac Bio-Medical Science Co., Ltd.,
a British Virgin Islands corporation (the “Company”), up to [   ]American Depositary Shares (“ADSs”),
each ADS representing one (1) Class A ordinary share, par value $0.01 per share, of the Company (the “Ordinary Shares”)
(as subject to adjustment hereunder, the “Warrant Shares”) (the ADSs issuable hereunder, the “Warrant ADSs”).
The purchase price of one ADS under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed, provided that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter
in place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental
authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such
day.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Deposit
Agreement” means the Deposit Agreement dated as of [   ], as amended, among the Company, CITIBANK, N.A.as Depositary
and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

“Depositary”
means CITIBANK, N.A., as Depositary under the Deposit Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Ordinary Shares or ADSs, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary
Shares or ADSs.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Purchase
Agreement” means that certain Securities Purchase Agreement, by and among the Company and certain holders of the Warrants, dated
as of May 16, 2022.

 

    	 	 	 

     

    

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

“Trading
Day” means a day on which the ADSs are traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

Section 2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company and the Depositary, as applicable,
of a duly executed facsimile copy or PDF copy submitted by electronic mail (or e-mail attachment) of the Notice of Exercise in the form
annexed hereto (“Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise
as aforesaid, the Holder shall deliver the aggregate Exercise Price for the ADSs specified in the applicable Notice of Exercise by wire
or Bank transfer to the Company’s Bank account (Exhibit A of SPA) or cashier’s check or personal check drawn on a United
States bank made to the Company, unless the cashless exercise procedure specified in Section 2(c) below is specified in the
applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type
of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall
not be required to physically surrender this Warrant to the Company until the Holder has exercised all of the Warrant ADSs available hereunder
and the Warrant has been exercised in full, in which case the Holder shall surrender this Warrant to the Company for cancellation within
three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding
number of Warrant ADSs issuable hereunder in an amount equal to the applicable number of Warrant ADSs exercised. The Holder and the Company
shall maintain records showing the number of Warrant ADSs issued and the date of such exercises. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the exercise of a portion of the
Warrant ADSs hereunder, the number of Warrant ADSs available for exercise hereunder at any given time may be less than the amount stated
on the face hereof.

 

b) Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.00001 per Warrant ADS, was pre-funded
to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise
price of $0.00001 per Warrant ADS) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The
Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance
or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining
unpaid exercise price per ADS under this Warrant shall be $0.00001, subject to adjustment hereunder (the “Exercise Price”).

 

    	 	 	 

     

    

 

c) Cashless
Exercise. This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) =	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the ADS on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof, or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X) =	the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant ADSs are issued in such a cashless exercise, the parties acknowledge and
agree that, in accordance with Section 3(a)(9) of the Securities Act, the Warrant ADSs shall
take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADS is then listed or quoted
on a Trading Market, the bid price of the ADS for the time in question (or the nearest preceding date) on the Trading Market on which
the ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02
p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADS for
such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADS is not then listed or quoted for trading
on OTCQB or OTCQX and if prices for the ADS are then reported in The Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in all other cases, the fair market
value of an ADS as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADS is then listed or quoted
on a Trading Market, the daily volume weighted average price of the ADS for such date (or the nearest preceding date) on the Trading Market
on which the ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time)
to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the
ADS for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADS is not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the ADS are then reported in The Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in all other cases, the fair market
value of an ADS as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	 	 	 

     

    

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject to such exercise with Depositary,
and cause the Depositary to credit the account of the Holder’s or its designee’s balance account with The Depository Trust
Company (or another established clearing corporation performing similar functions) through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Depositary is then a participant in such system and either (A) there is an effective registration
statement permitting the issuance of the Warrant ADSs to or resale of the Warrant ADSs by the Holder or (B) this Warrant is being
exercised via cashless exercise, and otherwise by physical delivery of the Warrant Shares, registered in the Company’s share register
in the name of the Holder or its designee, for the number of Warrant ADSs to which the Holder is entitled pursuant to such exercise to
the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise
(such date, the “Warrant ADS Delivery Date”) provided that the Warrant ADS Delivery Date shall not be deemed to have
occurred until such time that the Company has received the aggregate Exercise Price. Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant ADSs with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant ADSs. If the Company fails for any reason to deliver to the Holder
the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP of the ADS on the date of the
applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated
damages begin to accrue) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds
such exercise. The Company agrees to maintain a registrar (which can be the depositary) that is a participant in the FAST program so long
as this Warrant remains outstanding and exercisable. “Standard Settlement Period” means the standard settlement period,
expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the ADSs as in effect on the date
of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior
to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of
the Purchase Agreement, the Company agrees to deliver the Warrant ADSs subject to such notice(s) by 4:00 p.m. (New York City
time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant ADS Delivery Date for purposes hereunder.

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant evidencing the rights
of the Holder to exercise the unexercised Warrant ADSs called for by this Warrant, which new Warrant shall in all other respects be identical
with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(c)(i) by
the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided, however,
that the Holder shall be required to return any Warrant ADSs or Ordinary Shares subject to any such rescinded exercise notice concurrently
and the restoration of Holder’s right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

    	 	 	 

     

    

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder, if the
Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs in accordance with the provisions of Section 2(c)(i) above
pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, ADSs to deliver in satisfaction
of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant ADSs that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate
the portion of the Warrant and equivalent number of Warrant ADSs for which such exercise was not honored (in which case such exercise
shall be deemed rescinded) or deliver to the Holder the number of ADSs that would have been issued had the Company timely complied with
its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs having a total purchase price of $11,000 to
cover a Buy-In with respect to an attempted exercise of Warrants with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver ADSs upon exercise of the Warrant as required pursuant to the terms hereof.

 

v. No Fractional
ADSs or Scrip. No fractional ADSs or scrip representing fractional ADSs shall be issued upon the exercise of this Warrant.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the Company, and such Warrant
ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Depositary
fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Warrant ADSs.

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

    	 	 	 

     

    

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would
beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number
of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary Shares
held by the Holder and its Attribution Parties plus the number of Ordinary Shares underlying such Warrant ADSs issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of Ordinary Shares underlying Warrant
ADSs which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion
or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be
in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder may
rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Depositary setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder,
the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. In
any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of Ordinary
Shares outstanding immediately after giving effect to the issuance of Ordinary Shares underlying the Warrant ADSs issuable upon exercise
of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
Section 2(e). Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. The Holder understands
and agrees that any increase in the Beneficial Ownership Limitation may result in such Holder becoming an affiliate of the Company and
triggering certain filing obligations with the SEC. The Company shall be responsible for payment for any such filings with the SEC; provided,
however, that the Holder shall be responsible for timely completing such filings upon triggering any such obligation.

 

    	 	 	 

     

    

 

Section 3. Certain
Adjustments.

 

a) Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes
a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable in Ordinary
Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this Warrant), as applicable,
(ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as applicable, (iii) combines (including
by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of shares or ADSs, as applicable, or (iv) issues
by reclassification of Ordinary Shares, ADSs or any shares of capital stock of the Company, as applicable, then in each case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of ADSs (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of ADSs outstanding immediately after such event, and the
number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the
record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification. For the purposes of clarification, the Exercise
Price of this Warrant will not be adjusted in the event that the Company or any Subsidiary thereof, as applicable, sells or grants any
option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any
option to purchase or other disposition) any Ordinary Shares or Ordinary Share Equivalents, at an effective price per share less than
the Exercise Price then in effect.

 

b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders
of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs, as
applicable, are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares or ADSs as
a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c) Pro Rata
Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance
of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the
Holder would have participated therein if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of Ordinary Shares or ADSs, as applicable, are to be determined for the participation in such Distribution (provided, however,
to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any Ordinary Shares or ADSs as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

    	 	 	 

     

    

 

d) Fundamental
Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries,
taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of
all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of ADSs are permitted
to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding ADSs, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the ADSs or any compulsory share exchange pursuant to which the ADSs is effectively converted into
or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding ADSs (not including any ADSs held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant
Share underlying the Warrant ADSs that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant),
the number of ADSs of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation
in Section 2(e) on the exercise of this Warrant). If holders of ADSs are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives
upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations
of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant
to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay)
prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the ADSs acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
Transaction, and which required no additional consideration upon exercise, and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for
(so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall
assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor
Entity had been named as the Company herein.

 

e) Change
in ADS Ratio. If after the Issuance Date the ADS ratio is increased or reduced, then the number of Warrant ADSs to be provided on
exercise of a Warrant will be reduced or increased (respectively) in inverse proportion to the change in the ADS ratio Ordinary Shares
per ADS.

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum
of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g) Notice
to Holder.

 

i. Adjustment.
Whenever this Warrant is adjusted pursuant to any provision of this Section 3, the Company shall promptly notify, in writing, the
Holder of the adjusted terms of this Warrant after such adjustment and any resulting adjustment to the number of Warrant ADSs or Warrant
Shares and setting forth a brief statement of the facts requiring such adjustment.

 

    	 	 	 

     

    

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the
Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer of
all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into
other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its
last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to
the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for
the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the
holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary
Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set
forth herein.

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within ten (10) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new Warrant issued.

 

b) New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent
or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the
Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date and shall be identical with this
Warrant except as to the number of Warrant ADSs issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.

 

    	 	 	 

     

    

 

Section 5. Miscellaneous.

 

a) Currency.
Unless otherwise indicated, all dollar amounts referred to in this Warrant are in United States Dollars (“U.S. Dollars”).
All amounts owing under this Warrant shall be paid in U.S. Dollars. All amounts denominated in other currencies shall be converted in
the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Warrant, the U.S. Dollar exchange rate
as published in the Wall Street Journal (NY edition) on the relevant date of calculation.

 

b) No Rights
as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set
forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i), Section 2(d)(iv) and
or Section 3(d) herein, and without limiting the rights of the Holder to effect a cashless exercise or under Section 2(c) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

c) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

d) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

e) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary Shares a sufficient number
of shares to provide for the issuance of the Warrant ADSs and the underlying Ordinary Shares upon the exercise of any rights under this
Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant ADSs upon the exercise of the rights under this Warrant. The Company will take all such
reasonable action as may be necessary to assure that such Warrant ADSs and the underlying Ordinary Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the ADS or Ordinary Shares
may be listed. The Company covenants that all Warrant ADSs and the underlying Ordinary Shares which may be issued upon the exercise of
the rights represented by this Warrant will, upon exercise of the rights represented by this Warrant, be duly authorized, validly issued,
fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant ADSs above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant ADSs and the underlying Ordinary Shares upon the exercise of this Warrant and (iii) use
commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

    	 	 	 

     

    

 

Before taking any
action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

 

f) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of California, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of Santa Clara,
California. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of
Santa Clara, California for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue
for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

g) Restrictions.
The Holder acknowledges that the Warrant ADSs and the underlying Ordinary Shares acquired upon the exercise of this Warrant, if not registered
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal or foreign securities
laws.

 

h) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results
in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

    	 	 	 

     

    

 

i) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier
service, addressed to the Company, at 801 Bixing Street, Bihu County, Lishui, Zhejiang, Province, China, 323006, Attention: Dr, Chris
Chang Yu, email address: [   ]; telephone number: +8657820516666, or such other facsimile number, email address or address
as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be
provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the
books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of
(i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at
the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading
Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at
the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 6-K.

 

j) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to receive Warrant
ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any ADS or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

k) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

l) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant ADSs.

 

m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

n) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

o) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	AnPac Bio-Medical Science Co., Ltd.
	 	 	 
	 	By:	 
	 	Name:	Dr. Chris Chang Yu
	 	Title:	Co-Chairman of the board
of directors and co-Chief Executive Officer

 

    	 	 	 

     

    

 

NOTICE OF EXERCISE

 

	TO:	AnPac Bio-Medical Science Co., Ltd.

 

(1) The undersigned hereby
elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any,

 

(2) Payment shall take
the form of (check applicable box):

 

[ ] in
lawful money of the United States; or

 

[ ] if
permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise procedure set
forth in subsection 2(c).

 

(3) Please issue said Warrant
ADSs in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant ADSs shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity:

__________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity:

____________________________________________________

 

Name of Authorized Signatory:

______________________________________________________________________

 

Title of Authorized Signatory:

_______________________________________________________________________

 

Date:

__________________________________________________________________________________________

 

    	 	 	 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to exercise Warrant ADSs.)

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated: _______________ __, ______	 	 

 

	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:

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