Sinovac Biotech Receives Delisting Notice From Nasdaq; Co. Intends To Appeal Staff Determination

Sinovac Biotech Ltd. (NASDAQ:SVA) ("SINOVAC" or the "Company"), a leading provider of biopharmaceutical products in China, announced today that on November 12, 2025, it received a delisting determination letter (the "Staff Determination") from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, unless the Company timely requests a hearing before the Nasdaq Hearing Panel, which the Company intends to do, the Company's securities would be subject to suspension and delisting from Nasdaq at the opening of business on November 21, 2025 as a result of the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") for its failure to timely file its annual report on Form 20-F for the year ended December 31, 2024 (the "2024 Annual Report") by the Extension Deadline (defined below).

The Company previously disclosed in the Notification of Late Filing on Form 12b-25, filed with the U.S. Securities and Exchange Commission on April 29, 2025, that it was unable to timely file the 2024 Annual Report due to Grant Thornton Zhitong Certified Public Accountants LLP's resignation on April 15, 2025 as the Company's independent registered public accounting firm. As the Company subsequently disclosed on May 23, 2025, Nasdaq granted the Company a period of 60 calendar days from the date of the initial notification on May 16, 2025 for failure to timely file the 2024 Annual Report to submit a plan to regain compliance, and subject to acceptance of such plan, a period of 180 calendar days from the prescribed due date of the 2024 Annual Report, or until November 11, 2025 (the "Extension Deadline"), to file the 2024 Annual Report to regain compliance with the Listing Rule.

As the Company announced on October 24, 2025, it has engaged UHY LLP as its independent registered public accounting firm and the Company is working diligently with UHY LLP to be able to file the 2024 Annual Report as soon as possible to regain compliance with the Listing Rule.

The Company intends to appeal the Staff Determination to enable UHY LLP sufficient time to audit the financial statements required to file the 2024 Annual Report. The Company's request for a hearing before the Nasdaq Hearing Panel to appeal the Staff Determination must be made on or before November 19, 2025. The hearing request will automatically stay the suspension of the Company's securities for a period of 15 days from the date of the request. The Company also intends to seek a further stay of any suspension or delisting action pending the hearing process.