ABVC BioPharma Reports Third Quarter 2023 Financial and Operational Results

​​FREMONT, CA – (NewMediaWire) – November 15, 2023 –  ABVC BioPharma, Inc. (NASDAQ: ABVC) (“Company”): Today, a biotechnology company specializing in botanically based solutions that deliver high efficacy and low toxicity to improve health outcomes announced its financial and operating results for the third quarter of 2023. These results, including the financial statements included herein, can be found in the Company’s Quarterly Report on Form 10-Q that was filed earlier today with the Securities and Exchange Commission Third Quarter 2023 Financial Results All comparisons are made on a year-over-year basis. Shareholders’ Equity On February 23, 2023, the Company entered into a securities purchase agreement with Lind Global Fund II, LP (“Lind”), according to which the Company issued Lind a secured, convertible note in the principal amount of $3,704,167 for a purchase price of $3,175,000, that is convertible into shares of the Company’s common stock at an initial conversion price of $1.05 per share, subject to adjustment. The Company also issued Lind a common stock purchase warrant to purchase up to 5,291,667 shares of the Company’s common stock at an initial exercise price of $1.05 per share, subject to adjustment. During the period ended September 30, 2023, the Company has been repaying Lind with securities for 614,912 shares, totaling $1,814,800. During July 2023, the warrant exercise price was reset to $3.5 under the issuance of common stock about securities purchase agreement on July 2023. As of September 30, 2023, the warrant has not yet been exercised. On July 27, 2023, the Company entered a certain securities purchase agreement. Relating to the offer and sale of 300,000 shares of common stock, par value $0.001 per share, and 200,000 pre-funded warrants, at an exercise price of $0.001 per share, in a registered direct offering. According to the Purchase Agreement, the Company agreed to sell the Shares and Pre-funded Warrants at a per-share purchase price of $3.50 for gross proceeds of $1,750,000 before deducting any estimated offering expenses. On August 1, 2023, the pre-funded warrants were exercised. On August 14, 2023, the Company entered a cooperation agreement with Zhonghui. The Company acquired 20% of the ownership of a property and the parcel of the land owned by Zhonghui in Leshan, Sichuan, China. During the third quarter of 2023, the Company issued to Zhonghui an aggregate of 370,000 shares of the Company’s common stock at a per-share price of $20. As mentioned earlier, the equity is before the reverse stock split in 2023. As of September 30, 2023, the Company achieved a total of shareholders’ equity of $9.10M and, therefore, believes it has regained compliance with NASDAQ’s shareholders’ equity requirement. ·      Revenues. We generated $15,884 and $42,269 in revenues for the three months ended September 30, 2023 and 2022, respectively. The revenue decrease was due to the completion of ongoing projects and awaiting new drug approval. ·      Operating Expenses. Operating Expenses decreased by $1,606,226, or 43%, to $2,141,143 for the three months ended September 30, 2023, from $3,747,369 for the three months ended September 30, 2022. Such a decrease in operating expenses was mainly attributable to decreased selling, general and administrative expenses, and research and development expenses, since research and development projects have been dormant. At the same time, the Company awaits results for further development while being offset by the increase in stock-based compensation. ·      Other Income (expense). Other expense was $1,214,206 for the three months ended September 30, 2023, compared to other expense of $56,461 for the three months ended September 30, 2022. The change was principally caused by the increase in interest expense and the loss on foreign exchange changes, while being offset by the increase in interest income for the three months ended September 30, 2023, and the decrease in other expenses for the three months ended September 30, 2022. ·      Net Loss. The net loss was $3,368,080 for … 

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