Summary by Moomoo AI
RedHill Biopharma Ltd., an Israeli-incorporated company, has announced a significant change to its American Depositary Receipt (ADR) program. Effective August 20, 2024, the ratio of ordinary shares per ADR will change from four hundred shares to ten thousand shares. This adjustment was filed under Rule 424(b)(3) with the file number 333-268713. The Bank of New York Mellon serves as the depositary for RedHill's ADRs, which are traded on the US stock market. The deposit agreement, initially dated December 26, 2012, outlines the rights and obligations of the ADR owners and the depositary. The agreement also details the process for surrendering ADRs, transferring, splitting, and combining receipts, as well as the liability of owners for taxes and the deposit of shares. RedHill Biopharma has made this strategic move to reflect changes in their capital structure and to align with market practices. The company remains subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and files reports with the SEC, which are available for public inspection.
