Biophytis today announces that it will change the ratio of its American Depositary Shares (the “ADSs”) to Biophytis ordinary shares (the “Shares”) from one ADS representing 10 Shares, to one ADS representing 100 Shares (the “Ratio Change”). The effective date of the Ratio Change (the “Effective Date”) is expected to be March 30th, 2023.
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 10 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-ten reverse ADS split. The ADSs will continue to be traded on The Nasdaq Capital Market under the symbol “BPTS”.
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 Company’s 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 10:1 ratio.
Biophytis CEO Stanislas Veillet commented: “We believe the Ratio Change is in the best interest of all our stakeholders, as it will allow us to ensure Biophytis’ continued listing on Nasdaq and provide a pathway toward increasing Biophytis’ visibility on Nasdaq.”
