Document:

Exhibit
4.48

 

Concerted
Action Deed

 

This
Deed is entered into by and between the following Parties in Hong Kong on December 30, 2021:

 

Party
A: Peace Range Limited, a company incorporated under the laws of the British Virgin Islands with British Virgin Islands business
registration no. 1839278 and whose registered address is located at Sea Meadow House, Blackburne Highway, P.O. Boc 116, Road Town, Tortola,
British Virgin Islands;

 

Party
B: Aptorum Therapeutics Limited, a Cayman Islands exempted limited liability company with Hong Kong business registration number
F22845 and whose register office is located at unit 232, Building 12W, Phase three Hong Kong Sciences Park, Pak Shek Kok, Hong Kong.

Whereas:

 

		1.	Scipio
                                            Life Sciences Limited (hereinafter referred to as the “Company”) is a limited
                                            liability company incorporated under the laws of the Cayman Islands with company number CB-325085
                                            and whose register office is located at Floor 4, Willow House, Cricket Square, Grand Cayman
                                            KY1-9010, Cayman Islands;

 

		2.	Party
                                            A and Party B (collectively, the “Parties” and individually, the “Party”)
                                            collectively hold 52.15% equity interests in the Company when this Deed is concluded;

 

		3.	To
                                            keep the stable shareholding structure of the Company, improve the efficiency in making decisions
                                            for material affairs of the Company, and ensure the consistency and continuity in the business
                                            operation of the Company, the Parties hereto reach this Deed on a voluntary basis.

 

Article
1 Confirmation and Content of Concerted Action

 

The
Parties confirm that they shall act in concert following the execution date of this Deed, and conduct acts in concert by making same
expression of intentions at shareholders’ meetings of the company to exercise joint control and management over the company.

 

From
the effective date of this Deed, the Parties will continuously act in concert and give the same expression of intentions with respect
to the following matters of the Company:

 

		(1)	Exercising
                                            voting rights at shareholders’ meetings;

 

		(2)	Making
                                            proposals to shareholder’s meetings;

 

		(3)	Nominating
                                            candidates of directors and supervisors;

 

		(4)	Making
                                            material decisions for the Company (save for the administrative and managerial duty of work
                                            being managed by the board of directors and executives of the Company);

 

		(5)	Exercising
                                            the rights as shareholders of the Company in accordance with the Articles of Association
                                            of the Company and other relevant agreements or documents between the Company and other related
                                            parties;

 

		(6)	Performing
                                            the obligations as shareholders of the Company in accordance with the Articles of Association
                                            of the Company and other relevant agreements or documents between the Company and other related
                                            parties; and

 

		(7)	Exercising
                                            other rights granted to shareholders of the Company under laws, administrative regulations,
                                            other normative documents, and the Articles of Association of the Company.

 

When
Party A cannot participate in any shareholders’ meeting of the Company, Party A shall appoint Party B or a person designated by
Party B as proxy to participate in such meeting or discussion and make a decision or exercise voting rights.

 

With
regard to decision on the joint control and management over the Company as stipulated in this Deed, each party shall have one vote (not
by way of poll between Party A and Party B) and resolutions of between Party A and Party B shall be passed by simple majority. In the
case of an equality of votes for any matter above Party B shall have a second or casting vote.

 

     

     

    

 

Article
2 Continuity of Concerted Action

 

After
this Deed is signed, additional equity interests held, directly or indirectly, by the Parties due to transfer, bonus shares, conversion
of reserves into share capital, share incentives, etc. shall be subject to this Deed.

 

Article
3 Remedies for Violation of the Provisions on Concerted Action

 

If
any Party violates any provision on concerted action hereunder, the Party shall take effective measures to eliminate the impacts caused
by its violation to the satisfaction of the non-breaching party without violating applicable laws, regulations, or normative documents
and the articles of association.

 

Should
the remedial measures mentioned above be not satisfactory to the non-breaching Party Company, the Party violating the provisions hereunder
shall transfer, at the request of the non-breaching Party, all the equity interests it holds, directly or indirectly, in the
Company and all relevant rights and interests to the non-breaching Party at the conditions set by the non-breaching Party,
and the non-breaching Party may further require such Party to transfer all the equity interests and relevant rights and interests
to a designated third party in accordance with the provisions of the Articles of Association of the Company. In the event that the Articles
of Association of the Company does not allow the transfer of shares in the Company from the violating Party to the non-breaching Party
as aforesaid, the violating Party shall procure the transfer of shares to non-breaching Party or its designated party on its best efforts.

 

Article
4 Rescission, Modification, and Termination

 

Modifications
to this Deed shall be subject to a written consensus reached between the Parties through negotiation.

 

During
the term of this Deed, neither Party may transfer its equity interests in the Company without obtaining the prior written consent of
the other Party and causing the transferee to be subject to the provisions of this Deed.

 

During
the term of this Deed, neither Party may unilaterally terminate this Deed without a consensus between the Parties.

 

Article
5 Governing Law

 

The
conclusion, validity, interpretation, performance, and dispute resolution in respect of this Deed shall be governed by and interpreted
in accordance with laws of Hong Kong. If any provision herein is held illegal, invalid, or unenforceable in whole or in part in accordance
with the laws of Hong Kong, such provision or its relevant part shall be deemed not as a portion of this Deed within the scope above;
provided, however, that the legality, validity, and enforceability of the remaining portions of this Deed shall not be affected.

 

    2

     

    

 

Article
6 Dispute Resolution

 

Disputes
between the Parties arising from or in connection with this Deed shall be solved through negotiation first. If the negotiation fails,
the disputes shall be submitted to Hong Kong International Arbitration Centre for arbitration in Hong Kong in accordance with its then
effective arbitration rules. The arbitration award shall be final, and binding on the Parties. During the dispute resolution, except
for the matters in dispute, the Parties shall continue to perform other provisions hereof.

 

Article
7 Validity and Term

 

This
Deed shall be effective from the date of execution by the Parties to the date when either Party no longer holds, directly or indirectly,
equity interests in the Company with the consent of the other Party, or when this Deed is terminated.

 

Article
8 Miscellaneous

 

If
any provisions of the Articles of Association of the Company at any time conflict with any of the provisions of this Deed, the provisions
of this Deed shall (as between the parties) prevail and the Parties shall whenever necessary exercise all voting and other rights and
powers available to them to procure the alteration of the Articles of Association of the Company to the extent necessary to permit the
Company and its affairs to be carried out as provided in this Deed.

In
the event that any term, condition or provision of this Deed is held to be a violation of any applicable law, statute or regulation the
same shall be deemed to be deleted from this Deed and shall be of no force and effect and this Deed shall remain in full force and effect
as if such term, condition or provision had not originally been contained in this Deed.

This
Deed is made in two (2) originals, each Party holding one (1) original. Every original has the same legal force.

 

(No
text below)

 

    3

     

    

 

Concerted
Action Deed - Signature page

 

	Peace Range Limited (Sign, Seal and
    Deliver)
	 	 
	By:	/s/
    Lam Kwok Fu	
	Name:	 Lam Kwok Fu	
	Title:	 Director	

 

    4

     

    

 

Concerted
Action Deed - Signature page

 

	Aptorum Therapeutical Limited (Sign,
    Seal and Deliver)
	 	 
	By:	/s/
    Darren Lui	
	Name:	 Darren Lui	
	Title:	 Director	

 

 

 

5Exhibit 4.1
​
DESCRIPTION OF CAPITAL STOCK
​
The summary of the general terms and provisions of the capital stock of iMedia Brands, Inc. (the “Company”) set forth below does not purport to be complete and is subject to and qualified by reference to the Company’s Fourth Amended and Restated Articles of Incorporation (the “Articles”), and By-Laws of the Company (the “Bylaws,” and together with the Articles, the “Charter Documents”), each of which is incorporated herein by reference and attached as an exhibit to the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). For additional information, please read the Charter Documents and the applicable provisions of the Minnesota Business Corporation Act (the “MBCA”).
​
Capital Stock
​
The Company is authorized to issue 10,000,000 shares of capital stock, including up to 20,000,000 shares of common stock, par value of $0.01 per share (the “Common Stock”), and preferred stock (the “Preferred Stock”) having a par value as determined by the Company’s Board of Directors (the “Board”). The Board is authorized at any time and from time to time, subject to any limitations prescribed by law, to provide for the issuance of preferred stock in one or more classes and/or series, to establish the number of shares to be included in each such series, and to fix by resolution the designation, powers, preferences and rights of the shares of such series and any qualifications, limitations or restrictions thereof. The Board has authorized a series of 400,000 shares of Preferred Stock, par value of $0.01 per share, designated as the Series A Junior Participating Cumulative Preferred Stock (the “Series A Preferred Stock”). The number of authorized shares of Series A Preferred Stock may be increased or decreased by the Board, but no decrease may reduce the number of Series A Preferred Stock reserved for issuance below the number of shares thereof then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Company convertible into Series A Preferred Stock.
​
The Common Stock is registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Act”), along with certain “Rights to Purchase Series A Junior Participating Cumulative Preferred Stock” (the “Rights”). On July 10, 2015, a duly authorized committee of the Board declared a dividend distribution of one Right for each outstanding share of Common Stock to shareholders of record as of the close of business on July 23, 2015 and issuable as of that date. Except in certain circumstances, each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Preferred Stock (each one one-thousandth of a share of Series A Preferred Stock, a “Unit”) at a price of $90.00 per Unit (the “Purchase Price”). The rights of a holder of a Unit are substantially equivalent to the rights of a holder of a share of Common Stock. The description and terms of the Rights are set forth in a Shareholder Rights Plan dated as of July 13, 2015 (the “Shareholder Rights Plan”), between the Company and Wells Fargo Bank, N.A., a national banking association, which is incorporated herein by reference and attached as an exhibit to the Company’s most recent Annual Report on Form 10-K filed with the SEC. Certain provisions of the Shareholder Rights Plan could have anti-takeover effects, as described below under “Potential Anti-Takeover Effects.”
​
Voting Rights
​
The holders of shares of Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders, including the election of directors. The Articles do not permit cumulative voting in the election of directors. Subject to the rights, if any, of the holders of one or more classes or series of Preferred
​

​
Stock issued by the Company, each director of the Company shall be elected at a meeting of shareholders by the vote of the majority of votes cast with respect to that director, provided that directors of the Company shall be elected by a plurality of the votes present and entitled to vote on the election of directors at any such meeting for which the number of nominees exceeds the number of directors to be elected. Each share of Series A Preferred Stock entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the shareholders of the Company. Voting rights with respect to certain significant corporate transactions may be impacted as described below under “Potential Anti-Takeover Effects.” Holders of Common Stock may act by unanimous written consent in lieu of meeting with respect to any action required or permitted to be taken at a meeting of the shareholders.
​
Dividend Rights
​
Subject to the rights of the holders of Preferred Stock and any other class or series having a preference as to dividends over the Common Stock then outstanding, the holders of the Common Stock are entitled to receive ratably, to the extent permitted by law, such dividends as may be declared from time to time by the Board upon the terms and conditions provided by law and the Articles. Holders of Series A Preferred Stock shall be entitled to receive, when, as and if declared by the Board out of funds legally available for the purpose, quarterly dividends payable in cash on the first day of March, June, September and December in each year (each such date, a “Quarterly Dividend Payment Date”) in an amount per share equal to the greater of (a) $10.00 or (b) 1,000  times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock, since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. Dividends are cumulative on outstanding shares of Series A Preferred Stock (accrued but unpaid dividends do not bear interest).
​
Liquidation Rights
​
Upon the voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up of the Company, the holders of the Common Stock are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preferences of any Preferred Stock, including the Series A Preferred Stock. No distribution shall be made to the holders of shares of stock ranking junior to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock have received $10.00 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the “Series A Liquidation Preference”). Following the payment of the full amount of the Series A Liquidation Preference, no additional distributions will be made to the holders of shares of Series A Preferred Stock unless the holders of shares of Common Stock shall have received an amount per share (the “Common Adjustment”) equal to the quotient obtained by dividing (i) the Series A Liquidation Preference by (ii) 1,000 (as adjusted for events such as stock splits, stock dividends and recapitalizations with respect to the Common Stock) (the “Adjustment Number”). Following the payment of the full amount of the Series A Liquidation Preference and the Common Adjustment in respect of all outstanding shares of Series A Preferred Stock and Common Stock, respectively, holders of Series A Preferred Stock and holders of shares of Common Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment Number to 1 with respect to such Preferred Stock and Common Stock, on a per share basis, respectively.
​
No Preemptive Rights
​
​

​
The Articles preclude any shareholder of the Company from having preemptive rights. The Common Stock has no sinking fund, conversion or exchange rights. Shares of Series A Preferred Stock are not redeemable but are subject to conversion in the event of certain significant corporate transactions as describe below under “Potential Anti-Takeover Effects.” The absence of preemptive rights for both Common Stock and Preferred Stock could result in a dilution of the interest of investors should additional capital stock be issued.
​
Restrictions on Amendments to the Articles
​
The Articles may not be amended in any manner that would materially alter or change the powers, preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of a majority or more of the outstanding shares of the Series A Preferred Stock, voting separately as a class.
​
Listing
​
The Common Stock is currently traded on the Nasdaq Capital Market under the symbol “IMBI.”
​
Potential Anti-Takeover Effects
The Charter Documents and the MBCA contain certain provisions that may discourage an unsolicited takeover of the Company or make an unsolicited takeover of the Company more difficult. The following are some of the more significant anti-takeover provisions that are applicable to the Company:
​
Automatic Conversion of Series A Preferred Stock into Common Stock
In the event the Company enters into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series A Preferred Stock will at the same time be similarly exchanged or changed in an amount per share (subject to the provision for adjustment set forth below) equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Company shall at any time after the Rights Declaration Date (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Junior Participating Cumulative Preferred Stock shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.
​
The Shareholder Rights Plan
The provisions of the Shareholder Rights Plan could have the effect of delaying, deferring, or preventing a change of control of the Company and could discourage bids for the Common Stock at a premium over the market price of the Common Stock. The Rights initially trade together with the Common Stock and are not exercisable. Subject to certain exceptions specified in the Shareholder Rights Plan, the Rights will separate from the common stock and become exercisable following (i) the tenth calendar day after a public announcement or filing that a person or group has become an “Acquiring Person,” which is defined as a person who has acquired, or obtained the right to
​

​
acquire, beneficial ownership of 4.99% or more of the Common Stock then outstanding, subject to certain exceptions, or (ii) the tenth calendar day (or such later date as may be determined by the Board) after any person or group commences a tender or exchange offer, the consummation of which would result in a person or group becoming an Acquiring Person. If a person or group becomes an Acquiring Person, each Right will entitle its holders (other than such Acquiring Person) to purchase one Unit at a price of $90.00 per Unit. A Unit is intended to give the shareholder approximately the same dividend, voting and liquidation rights as would one share of Common Stock, and should approximate the value of one share of Common Stock. At any time after a person becomes an Acquiring Person, the Board may exchange all or part of the outstanding Rights (other than those held by an Acquiring Person) for shares of Common Stock at an exchange rate of one share of Common Stock (and, in certain circumstances, a Unit) for each Right.
​
The Rights will expire upon certain events described in the Shareholder Rights Plan, including the close of business on the date of the third annual meeting of shareholders following the Company’s last annual meeting of shareholders at which the Shareholder Rights Plan was most recently approved by shareholders, unless the Shareholder Rights Plan is re-approved by shareholders at that third annual meeting of shareholders. However, in no event will the Shareholder Rights Plan expire later than the close of business on July 13, 2025. The Plan was approved by the Company’s shareholders at the 2019 annual meeting of shareholders.
​
Special Meetings of Shareholders; Shareholder Action by Unanimous Written Consent; and Advance Notice of Shareholder Business Proposals and Nominations
Section 302A.433 of the MBCA provides that special meetings of the Company’s shareholders may be called by the Company’s chief executive officer, chief financial officer, two or more directors, or shareholders holding 10% or more of the voting power of all shares entitled to vote, except that a special meeting demanded by shareholders for the purpose of considering any action to directly or indirectly facilitate or effect a business combination, including any action to change or otherwise affect the composition of the Board for that purpose, must be called by 25% or more of the voting power of all shares entitled to vote. Section 302A.441 of the MBCA also provides that action may be taken by shareholders without a meeting only by unanimous written consent. The Bylaws provide an advance written notice procedure with respect to shareholder proposals of business and shareholder nominations of candidates for election as directors. Shareholders at an annual meeting are able to consider only the proposals and nominations specified in the notice of meeting or otherwise brought before the meeting by or at the direction of the Board or by a shareholder that has delivered timely written notice in proper form to the Company’s Secretary of the business to be brought before the meeting.
​
Control Share Provision
Section 302A.671 of the MBCA applies, with certain exceptions, to any acquisition of the Company’s voting stock (from a person other than the Company and other than in connection with certain mergers and exchanges to which the Company is a party) resulting in the acquiring person owning 20% or more of the Company’s voting stock then outstanding. Section 302A.671 requires approval of any such acquisitions by both (i) the affirmative vote of the holders of a majority of the shares entitled to vote, including shares held by the acquiring person, and (ii) the affirmative vote of the holders of a majority of the shares entitled to vote, excluding all interested shares. In general, shares acquired in the absence of such approval are denied voting rights and are redeemable at their then fair market value by the Company within 30 days after the acquiring person has failed to give a timely information statement to the Company or the date the shareholders voted not to grant voting rights to the acquiring person’s shares.
​
Business Combination Provision
​

​
Section 302A.673 of the MBCA generally prohibits the Company or any of its subsidiaries from entering into any merger, share exchange, sale of material assets or similar transaction with a 10% shareholder within four years following the date the person became a 10% shareholder, unless either the transaction or the person’s acquisition of shares is approved prior to the person becoming a 10% shareholder by a committee of all of the disinterested members of the Board.
​
Takeover Offer; Fair Price
Under Section 302A.675 of the MBCA, an offeror may not acquire shares of a publicly held corporation within two years following the last purchase of shares pursuant to a takeover offer with respect to that class, including acquisitions made by purchase, exchange, merger, consolidation, partial or complete liquidation, redemption, reverse stock split, recapitalization, reorganization, or any other similar transaction, unless (i) the acquisition is approved by a committee of the board’s disinterested directors before the purchase of any shares by the offeror pursuant to the earlier takeover offer, or (ii) shareholders are afforded, at the time of the proposed acquisition, a reasonable opportunity to dispose of the shares to the offeror upon substantially equivalent terms as those provided in the earlier takeover offer.
​
Greenmail Restrictions
Under Section 302A.553 of the MBCA, a corporation is prohibited from buying shares at an above-market price from a greater than 5% shareholder who has held the shares for less than two years unless (i) the purchase is approved by holders of a majority of the outstanding shares entitled to vote or (ii) the corporation makes an equal or better offer to all shareholders for all other shares of that class or series and any other class or series into which they may be converted.
​
Authority of the Board
The Board has the power to issue any or all of the shares of the Company’s capital stock, including the authority to establish one or more series of Preferred Stock, setting forth the designation of each such series and fixing the relative rights and preferences for each such series, without seeking shareholder approval in most instances. In addition, under the Bylaws, the Board has the right to fill vacancies of the Board (including a vacancy created by an increase in the size of the Board).

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