BIOSTAR PHARMACEUTICALS, INC. (NASDAQ:BSPM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
The Board of Directors (the “Board”) of Biostar Pharmaceuticals, Inc., a Maryland corporation (the “Company”), appointed Melissa Fan Chen to fill the vacancy following Leung King Fai’s departure as an independent member of the Board and the Chair of the Board’s Audit Committee. The Board determined that Ms. Chen as an “independent” director as such term is defined under the Nasdaq Marketplace Rules and the federal securities laws. In addition, the Board appointed Ms. Chen to serve as the Chair of the Audit Committee. Following the foregoing appointment, the Board again consists of five members: Ronghua Wang (Chairman), Melissa Fan Chen, Haipeng Wu, Zhanxiang Ma and Qinghua Liu, all but one of whom (Ronghua Wang) are “independent” Board members.
Presently, Ms. Chen is employed at West Park Capital, a FINRA registered broker-dealer and investment banking firm; Ms. Chen has been employed there since September 2016. From May 2010 to December 2016, Ms. Chen held the title of Board Secretary and Executive Officer of China Ginseng Holdings, Inc. From May 2012 to September 2015, Ms. Chen worked as Director of Asian/US Equity markets at Halcyon Cabot Partners, LLC. From September 2015 to February 2016, she worked as a private placement specialist at Olympus Securities LLC. From February 2016 to September 2016, she was employed as an equity market/due diligence analyst at Legend Securities, Inc. Ms. Chen holds Series 7 and 63 licenses. She also holds undergraduate (BA) and graduate (MA) degrees in Accounting from Queens College of the City University of New York.
There is no arrangement or understanding between Ms. Chen and any other persons to which she was appointed as discussed above. Nor are there any family relationships between Ms. Chen and any executive officers and directors. Further, there are no transactions involving the Company which transaction would be reportable to Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended.
Item 9.01Financial Statements and Exhibits
About BIOSTAR PHARMACEUTICALS, INC. (NASDAQ:BSPM)
Biostar Pharmaceuticals, Inc. (Biostar) is a holding company. The Company, through its subsidiary, Shaanxi Biostar Biotech, Ltd. (Shaanxi Biostar), and its variable interest entities (VIEs), Shaanxi Aoxing Pharmaceutical Co., Ltd. (Aoxing Pharmaceutical) and Shaanxi Weinan Huaren Pharmaceuticals Ltd. (Shaanxi Weinan), develops, manufactures and markets pharmaceutical products for various diseases and conditions in the People’s Republic of China (PRC or China). The Company offers over-the-counter (OTC) products and prescription-based pharmaceuticals. The Company’s products are sold in approximately 30 provinces in the PRC through a network of over 60 distributors and through approximately 230 sales people. The Company’s products include XinAoxing Oleanolic Acid Capsule, Ganwang Compound Paracetamol Capsule, Tianqi Dysmenorrhea Capsule, Compound Paracetamol and Amantadine Hydrochloride Tablets, Deafness Tongqiao pills and Huangyangning Tablets.