Universe Pharmaceuticals INC announced that on April 24, 2023, Mr. David Sherman, the Directors of the Company, notified the Company of his resignation as a director of the Company and the chairman of the audit committee of the board of directors, effective May 2, 2023. On May 3, 2023, the Company's board of directors appointed Mr. Yongping Yu as a director of the Company and the chairman of the nominating and corporate governance committee of the board of directors. The board of directors also appointed Mr. Ding Zheng, a director of the company and the then chairman of the nominating and corporate governance committee of the board of directors, as the chairman of the audit committee of the board of directors.

The appointments intend to fill the vacancy created by Mr. David Sherman's departure. Mr. Yongping Yu has served as one of the Company's independent directors since May 2023. Mr. Yongping Yu has served as the General Manager of Zhuhai Qirong Venture Capital Investment Management Co.

Ltd. since August 2019, a venture capital company focused on the healthcare industry. Mr. Yongping Yu served as a director and Executive Deputy General Manager of Xinhua Kangmei Health Think Tank Co. Ltd. from May 2017 to July 2019.

From July 2015 to May 2017, Mr. Yongping Yu served as the General Manager of the Medical Data Division of Xinhua News Agency's Big Data Business Department. From July 2014 to July 2015, Mr. Yongping Yu served as the Editor-in-Chief and General Manager of Xinhua Cyber Health, a WeChat official account, at Xinhua News Agency. From February 2011 to July 2014, Mr. Yongping Yu served as the Director of the Development Planning Department and Chief Physician of the Aviation General Hospital.

From April 2004 to February 2011, Mr. Yongping Yu served as the Deputy Secretary-General of JiangXi Pharmaceutical Association. Mr. Yu obtained a Bachelor of Medicine degree from Nanchang University in the PRC in 1992 and obtained Bachelor of Arts degree in Chinese language and literature from Tsinghua University in the PRC in 1995.