YishengBio Co. Ltd. (to be renamed as YS Biopharma Co. Ltd., and herein referred to as "YS Biopharma"), a global biopharmaceutical company dedicated to discovering, developing, manufacturing and commercializing new generations of vaccines and therapeutic biologics for infectious diseases and cancer, and Summit Healthcare Acquisition Corp., a publicly traded special purpose acquisition company, announced that the previously announced business combination (the "Business Combination") was approved at an extraordinary general meeting of Summit on March 14, 2023.

The Business Combination is expected to officially close on March 16, 2023. YS Biopharma will remain as the combined company and its shares and warrants are expected to begin trading on the Nasdaq Capital Market under the symbols "YS" and "YSBPW," respectively, on March 17, 2023. Upon closing of the Business Combination, Mr. Bo Tan, the Chief Executive Officer, Co-Chief Investment Officer, and director of Summit, will join YS Biopharma's board of directors.

The board of directors of YS Biopharma will consist of seven directors, including two current directors of YS Biopharma, Mr. Bo Tan, and four independent directors.