Tao Bai - 16 Mar 2023 Form 4 Insider Report for Summit Healthcare Acquisition Corp.

Role: Director
Signature: /s/ Bo Tan, as attorney-in-fact for Tao Bai
Issuer symbol: N/A
Transactions as of: 16 Mar 2023
Net transactions value: $0
Form type: 4
Filing time: 21 Mar 2023, 06:23:22 UTC
Previous filing: 08 Jun 2021
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SMIHU	Class B Ordinary Shares	Disposed to Issuer		-25,000	-100%		0	16 Mar 2023	Class A Ordinary Shares	25,000		Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Tao Bai is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	As described in the prospectus for the initial public offering (File No. 333-255722) of Summit Healthcare Acquisition Corp. ("SMIH") under the heading "Description of Securities--Founder Shares," the Class B ordinary shares, par value $0.0001 per share, automatically converted into Class A ordinary shares, par value $0.0001 per share, of SMIH at the time of the SMIH's initial business combination, on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights.
F2	On March 16, 2023, pursuant to a Business Combination Agreement dated as of September 29, 2022 (the "Business Combination Agreement"), by and among SMIH, YishengBio Co., Ltd ("YS Biopharma"), Oceanview Bioscience Acquisition Co., Ltd., a direct wholly owned subsidiary of YS Biopharma ("Merger Sub I") and Hudson Biomedical Group Co., Ltd., a direct wholly owned subsidiary of YS Biopharma ("Merger Sub II"), (i) Merger Sub I merged with and into SMIH (the "First Merger"), with SMIH surviving the First Merger as the surviving entity (the "Surviving Entity") and remaining as a wholly-owned subsidiary of YS Biopharma and (ii) the Surviving Entity merged with and into Merger Sub II (the "Second Merger"), with Merger Sub II surviving the Second Merger as the surviving company (the "Surviving Company") and remaining as a wholly-owned subsidiary of YS Biopharma.
F3	(Continued from Footnote 2) Immediately before the effective time of the First Merger, an aggregate of 1,446,525 Class B ordinary shares held by Summit Healthcare Acquisition Sponsor LLC, a Cayman Islands limited liability company (the "Sponsor") was surrendered for nil consideration, and after such surrender, each Class B ordinary share ceased to be outstanding and automatically converted into the right to receive one Ordinary Share of YS Biopharma.