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Regencell Bioscience Holdings Limited Announces Over $1 Million Ordinary Share Purchase by CEO

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HONG KONG, November 22, 2021--(BUSINESS WIRE)--Regencell Bioscience Holdings Limited (NASDAQ: RGC) ("Regencell" or the "Company"), an early-stage bioscience company focuses on the research, development and commercialization of TCM for the treatment of neurocognitive disorders and degenerations, as well as infectious diseases affecting people’s immune system, announced that Yat-Gai Au, the Company’s Chairman & CEO, made Ordinary Share purchases of Regencell ("Ordinary Shares") totaling $1,125,807.

As per the Schedule 13D filed with the SEC on November 22, 2021, Mr. Au has used an aggregate of $1,125,807 of his personal funds to purchase Ordinary Shares made through the Reporting Persons’ Rule 10b-18 Plan. According to the 10b-18 Plan, following the purchases, Mr. Au owns a total of 10,392,584 Ordinary Shares, representing 80.15% of Ordinary Shares issued and outstanding.

Mr. Au noted, "These share purchases using my personal funds, reflects my confidence in Regencell’s business strategy of becoming a market leader for the treatment of ADHD and ASD disorders, as well as infectious diseases such as COVID-19 ("COVID"). Our research and studies aim to address the fundamental causes of and achieve improvements in both symptoms and overall health of patients, as compared to currently available medications for ADHD/ASD disorders and COVID. We believe that we can make a difference!"

The Ordinary Shares were acquired for investment purposes. In the future, Mr. Au may make further purchases of the Ordinary Shares from time to time and, subject to certain restrictions, may dispose of any or all of the Ordinary Shares held by the Mr. Au at any time depending on an ongoing evaluation of the investment in such securities, prevailing market conditions, other investment opportunities and other factors. However, certain of such shares are subject to certain lock-up restrictions as further described in Regencell’s filings with the SEC.

About Regencell Bioscience Holdings Limited
Regencell Bioscience Holdings Limited is an early-stage bioscience company that commenced operations in Hong Kong is 2014. Regencell focuses on the research, development and commercialization of TCM for the treatment of neurocognitive disorders and degenerations, specifically ADHD and ASD, and infectious diseases affecting people’s immune system such as COVID. Regencell has completed its first research study using personalized TCM formula for the treatment of ADHD and ASD in Hong Kong and aims to launch three liquid-based standardized TCM formulae candidates for mild, moderate and severe ADHD and ASD patients initially in Hong Kong and subsequently to other markets as it deems appropriate. The Company formed a joint venture to offer COVID related treatments to patients in ASEAN countries, India, Japan, Australia and New Zealand.

Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. Such forward-looking statements include the business plan of the joint venture, objectives, expectations and intentions of the joint venture parties, and Regencell’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on expected operations of the joint venture, the demand for the planned COVID TCM treatments. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by Regencell.

Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211122006130/en/

Contacts

For more information, please contact:
Corporate:
James Chung
COO & CSO
Regencell Bioscience Holdings Limited
ir@rgcbio.com

Investors outside of Asia Region:
Lena Cati
The Equity Group Inc.
Vice President
(212) 836-9611
lcati@equityny.com

Investors in Asia Region:
Strategic Financial Relations Limited
Vicky Lee (852) 2864 4834
Brigid Lee (852) 2114 4313
Yvonne Lee (852) 2864 4847
SPRG_Regencell@sprg.com.hk