AnPac Bio-Medical Science Announces $5 Million Private Placement Of 16,666,665 Newly Issued Class A Ordinary Shares Of The Company, At A Price Of $0.30/Share, or US$6.00 Per 1-For-20 ADS

AnPac Bio-Medical Science Co., Ltd. (NASDAQ:ANPC) ("AnPac Bio," the "Company" or "we"), a company with operations in the United States and China focused on early cancer screening and detection and plans to enter into the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, announced that on March 2023, the Company has entered into definitive investment agreements with certain accredited investors in a private placement transaction, pursuant to which the investors agreed to subscribe for and purchase, and the Company agreed to issue and sell an aggregate of 16,666,665 newly issued Class A ordinary shares of the Company, at a price of US$0.30 per ordinary share, or US$6.00 per ADS (1:20 ADS-to-share ratio), for an aggregate purchase price of US$5 million. The closing of the sale of the securities is expected to occur late March, subject to satisfaction of customary closing conditions.

The Company expects to use the proceeds for working capital and the expansion of its business-to-business Asian food e-commerce business in the US.

The ordinary shares sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission ("SEC") or an applicable exemption from such registration requirements. The offer and sale of the Company's Class A ordinary shares under the agreements were made as part of an "offshore transaction" and there was no "directed selling efforts" in the United States and, as such, such offer and sale falls under an exemption provided under Regulation S from the Section 5 registration requirements of the Securities Act of 1933, as amended.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.