Boyalife Investment Inc. and Boyalife (Hong Kong) Limited (collectively, "Boyalife"), as the majority shareholders of Cesca Therapeutics Inc. (NASDAQ: KOOL) (the "Company), an autologous cell-based regenerative medicine company, provided the Company with written notice removing Mr. Craig W. Moore, Mr. Mark Bagnall and Mr. Robin Stracey from the board of directors of the Company, effective November 3, 2016. Prior to the removal of Mr. Moore, Mr. Bagnall and Mr. Stracey, the board of directors of the Company unanimously nominated and appointed Jim Xu to the board of directors of the Company. After the removal of the three directors, and in accordance with a voting agreement between the Company and Boyalife, Boyalife took further action to appoint Vivian Liu as an independent director to the board of directors of the Company, effective immediately on November 3, 2016. The board of directors then nominated and unanimously appointed Dr. Xiaochun (Chris) Xu as the new Chairman of the board of directors of the Company. In addition, the board of directors of the Company removed Mr. Robin Stracey as the Chief Executive Officer of the Company and appointed Dr. Xu as the interim Chief Executive Officer, effective immediately on November 3, 2016. The Company is commencing a search for a permanent Chief Executive Officer and for two additional independent directors, which it is seeking to appoint as promptly as practicable. Dr. Xiaochun (Chris) Xu, the newly appointed Chairman of Board and Interim CEO states, "Cesca needs to position itself to be a leader in the fast growing regenerative medicine field. In order to do so, a company has to have global vision and a sharp sense of the market trends. We are looking forward to moving more aggressively into the global market to grow the Company into a global player." Cesca Therapeutics previously converted a senior secured three year convertible debenture of $12.5 million of principal and $8.25 million of interest into 6,102,941 shares of its common stock, in accordance with the previously announced purchase agreement entered into between Cesca Therapeutics and Boyalife, dated February 2, 2016. As a result of the conversion, Boyalife's total ownership of the Company increased to 6,838,235 shares, or approximately 70% of shares outstanding.