- I-Mab (NASDAQ:IMAB) has provided updates on the recent development relating to the Holding Foreign Companies Accountable Act (HFCAA) and its implementation.
- I-Mab is not on this list, and it has taken proactive measures in response.
- It has implemented additional business processes and control changes to meet the requirements outlined in the HFCAA, including engaging an accounting firm that is subject to inspection by the PCAOB to prepare its audit reports commencing from the fiscal year of 2022.
- Such compliance measures are expected to be effective in the 2022 annual report.
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- The China Securities Regulatory Commission and the Ministry of Finance of China have been engaging with the PCAOB and made positive progress.
- Additionally, I-Mab is considering all viable options to offer the Company's existing shareholders additional trading flexibility and will make public announcement(s) to disclose any material updates and progress.
- As previously disclosed, I-Mab is pursuing a dual listing on the Main Board of the Stock Exchange of Hong Kong Limited. The Company believes that the dual listing will offer the Company's existing ADS holders enhanced trading flexibility.
- Price Action: IMAB shares are up 7.26% at $13.45 during the market session on the last check Tuesday.
