Summit Healthcare Acquisition Corp. announced that In accordance with the Business Combination Agreement, Summit merged with Merger Sub II and upon the Second Merger Effective Time, Summit ceased to exist and each of Summit's officers and directors forthwith ceased to serve as an officer or director of Summit, including each of Bo Tan, Ken Poon, Ian Stone, Thomas Folinsbee and Tao Bai ceased to be a director of Summit, Bo Tan resigned as Chief Executive Officer, Co-Chief Investment Officer and Ken Poon resigned as President, Co-Chief Investment Officer. These resignations were not due to any disagreement between Summit and the officers and directors on any matter relating to Summit's operation, policies and practice.

In the meanwhile, Mr. Yi Zhang, the chairman and director of YS Biopharma will serve as the sole director of Merger Sub II, the surviving entity after the Second Merger.