Exhibit No.
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Description
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Opinion of Maples and Calder (Hong Kong) LLP, Cayman counsel to the Registrant, as to the validity of the ordinary shares being registered (including consent)
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Securities Purchase Agreement dated as of June 12, 2024, between BeyondSpring Inc. and Dr. Quanqi Song
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Consent of Maples and Calder (Hong Kong) LLP (included in the opinion filed as Exhibit 5.1)
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BeyondSpring Inc.
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By:
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/s/ Lan Huang
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Name:
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Lan Huang
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Title:
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Chairperson and Chief Executive Officer
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Date: June 12, 2024
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1
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Documents Reviewed
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1.1
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The certificate of incorporation of the Company dated 21 November 2014.
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1.2
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The amended and restated memorandum and articles of association of the Company as conditionally adopted by a special
resolution passed on 24 February 2017 and effective immediately prior to the completion of the Company’s initial public offering of the Shares (the “Memorandum and Articles”).
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1.3
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The written resolutions of the board of directors of the Company (the “Board”) dated 29 May 2024 and 12 June 2024 (the “Resolutions”).
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1.4
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A certificate from a director of the Company, a copy of which is attached hereto (the “Director’s Certificate”).
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1.5
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A certificate of good standing dated 21 May 2024, issued by the Registrar of Companies in the Cayman Islands (the “Certificate of Good Standing”).
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1.6
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The Registration Statement.
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1.7
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The Prospectus Supplement.
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1.8
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The Securities Purchase Agreement.
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2
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Assumptions
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2.1
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Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the
originals, and translations of documents provided to us are complete and accurate.
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2.2
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All signatures, initials and seals are genuine.
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2.3
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There is nothing under any law (other than the law of the Cayman Islands), and there is nothing contained in the minute book
or corporate records of the Company (which we have not inspected), which would or might affect the opinions set out below.
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2.4
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The Securities Purchase Agreement has been or will be authorised and duly executed and unconditionally delivered by or on
behalf of all relevant parties in accordance with all relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).
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2.5
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The Securities Purchase Agreement is, or will be, legal, valid, binding and enforceable against all relevant parties in
accordance with their terms under the laws of the State of New York and all other relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).
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2.6
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The choice of the laws of the State of New York as the governing law of the Securities Purchase Agreement has been made in good
faith and would be regarded as a valid and binding selection which will be upheld by the state and federal courts sitting in the City of New York, Borough of Manhattan and any other relevant jurisdiction (other than the Cayman Islands) as a
matter of the laws of the State of New York and all other relevant laws (other than the laws of the Cayman Islands).
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2.7
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The Company has, or will have, sufficient authorized but unissued Shares in its authorized share capital to enable the Company
to issue the Sale Shares.
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2.8
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The Company will receive money or money’s worth in consideration for the issue of the Sale Shares, and none of such Sale Shares
will be issued for less than their par value.
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2.9
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The capacity, power, authority and legal right of all parties under all relevant laws and regulations (other than, with respect to the Company,
the laws and regulations of the
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2.10
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There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands
law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Securities Purchase Agreement.
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2.11
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No monies paid to or for the account of any party under the Securities Purchase Agreement or any property
received or disposed of by any party to the Securities Purchase Agreement in each case in connection with the Securities Purchase Agreement or the consummation of the transactions contemplated thereby represent or will represent proceeds of
criminal conduct or criminal property or terrorist property (as defined in the Proceeds of Crime Act (As Revised) and the Terrorism Act (As Revised), respectively).
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2.12
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The issue of the Sale Shares under the Securities Purchase Agreement will be of commercial benefit to the Company.
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2.13
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No invitation has been or will be made by or on behalf of the Company to the public in the Cayman
Islands to subscribe for any of the Sale Shares.
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3
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Opinion
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3.1
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The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good
standing under the laws of the Cayman Islands.
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3.2
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The authorised share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares of a par value of
US$0.0001 each.
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3.3
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The issue and allotment of the Sale Shares have been duly authorised and when allotted, issued and paid for as contemplated in
the Registration Statement and the Securities Purchase Agreement, such Shares will be legally issued and allotted, fully paid and non- assessable. As a matter of Cayman law, a share is only issued when it has been entered in the register of
members (shareholders).
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4
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Qualifications
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4.1
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To maintain the Company in good standing under the laws of the Cayman Islands, annual filing fees must be paid and returns
made to the Registrar of Companies within the time frame prescribed by law.
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4.2
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The obligations assumed by the Company under the Securities Purchase Agreement will not necessarily be enforceable in all
circumstances in accordance with their terms. In particular:
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(a)
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enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts or moratorium or other laws of general
application relating to, protecting or affecting the rights of creditors;
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(b)
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enforcement may be limited by general principles of equity. For example, equitable remedies such as specific performance may
not be available, inter alia, where damages are considered to be an adequate remedy;
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(c)
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some claims may become barred under relevant statutes of limitation or may be or become subject to defences of set off,
counterclaim, estoppel and similar defences;
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(d)
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where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable in the Cayman
Islands to the extent that performance would be illegal under the laws of that jurisdiction;
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(e)
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the courts of the Cayman Islands have jurisdiction to give judgment in the currency of the relevant obligation and statutory
rates of interest payable upon judgments will vary according to the currency of the judgment. If the Company becomes insolvent and is made subject to a liquidation proceeding, the courts of the Cayman Islands will require all debts to be
proved in a common currency, which is likely to be the “functional currency” of the Company determined in accordance with applicable accounting principles. Currency indemnity provisions have not been tested, so far as we are aware, in the
courts of the Cayman Islands;
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(f)
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arrangements that constitute penalties will not be enforceable;
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(g)
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enforcement may be prevented by reason of fraud, coercion, duress, undue influence, misrepresentation, public policy or
mistake or limited by the doctrine of frustration of contracts;
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(h)
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provisions imposing confidentiality obligations may be overridden by compulsion of applicable law or the requirements of legal
and/or regulatory process;
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(i)
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the courts of the Cayman Islands may decline to exercise jurisdiction in relation to substantive proceedings brought under or
in relation to the Securities Purchase Agreement in matters where they determine that such proceedings may be tried in a more appropriate forum;
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(j)
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we reserve our opinion as to the enforceability of the relevant provisions of the Securities Purchase Agreement to the extent that they purport
to grant exclusive jurisdiction as there may be circumstances in which the courts of the Cayman Islands would accept jurisdiction notwithstanding such provisions;
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(k)
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a company cannot, by agreement or in its articles of association, restrict the exercise of a statutory power and there is
doubt as to the enforceability of any provision in the Securities Purchase Agreement whereby the Company covenants to restrict the exercise of powers specifically given to it under the Companies Act, including, without limitation, the power
to increase its authorised share capital, amend its memorandum and articles of association or present a petition to a Cayman Islands court for an order to wind up the Company.
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4.3
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Applicable court fees will be payable in respect of the enforcement of the Securities Purchase Agreement.
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4.4
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We express no opinion as to the meaning, validity or effect of any references to foreign (i.e. non-Cayman Islands) statutes,
rules, regulations, codes, judicial authority or any other promulgations and any references to them in the Securities Purchase Agreement.
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4.5
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In this opinion the phrase “non-assessable” means, with respect to shares in the Company, that a shareholder shall not,
solely by virtue of its status as a shareholder and in absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, be liable for additional assessments or calls on the
shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to
pierce or lift the corporate veil).
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BeyondSpring Inc. | |
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By: |
/s/ Lan Huang |
Name: |
Lan Huang | |
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Title: |
CEO |
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By: |
/s/ Quanqi Song |
Name: |
Quanqi Song |
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