Biophytis announces ratio change under its American Depositary Receipt (u201cADRu201d) program
Biophytis annouces that it will change the ratio of its American Depositary Shares (the u201cADSsu201d) to Biophytis ordinary shares (the u201cSharesu201d) from one ADS representing 100 Shares, to one ADS representing 4,000 Shares (the u201cRatio Changeu201d). The effective date of the Ratio Change (the u201cEffective Dateu201d) is expected to be April 23, 2024.
Pursuant to the Ratio Change, as of the Effective Date, record holders who directly hold ADRs will be required to exchange their existing ADRs for new ADRs on the basis of one new ADR for every 40 existing ADRs surrendered. The Depositary will contact ADR holders and arrange for the exchange of their existing ADRs for new ADRs. ADS beneficial holders who hold through an ADR holder intermediary need not take any action in connection with the Ratio Change. For ADS holders, the Ratio Change will have the same effect as a one-for-forty reverse ADS split. The ADSs will continue to be traded on The Nasdaq Capital Market under the symbol u201cBPTSu201d.
No new Shares will be issued in connection with the Ratio Change and this Ratio Change does not change the total number of Biophytis ordinary shares.
As a result of the Ratio Change, the trading price of the Companyu2019s ADSs is expected to automatically increase proportionally, but the Company can give no assurance that the ADS trading price following the Ratio Change will be at least equal to the ADS trading price before the Ratio Change multiplied by the new 40:1 ratio.
