NaaS Technology | 6-K: NaaS Technology Announces Updated Effective Date of ADS Ratio Change
NaaS Technology | 6-K: NaaS Technology Announces Updated Effective Date of ADS Ratio Change
能鏈智電 | 6-K:能鏈智電宣佈ADS比率變更最新生效日期
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NaaS Technology has announced an update to the effective date of its American Depositary Shares (ADS) ratio change, which will now take effect on June 13, 2024. The modification will change the current ratio of 1 ADS to 10 Class A ordinary shares to a new ratio of 1 ADS to 200 Class A ordinary shares, effectively implementing a one-for-twenty reverse ADS split.ADS holders will need to exchange every 20 existing ADSs for one new ADS, with JPMorgan Chase Bank managing the exchange process. The company will continue trading on Nasdaq under the symbol "NaaS". Fractional new ADSs will not be issued; instead, they will be aggregated, sold, and the net proceeds distributed to affected ADS holders.The ratio change will not impact the company's underlying Class A ordinary shares, and no shares will be issued or cancelled. While the ADS trading price is expected to increase proportionally, the company notes that post-change trading prices may not necessarily equal or exceed 20 times the pre-change price.