TC BioPharm (TCBP) said Wednesday it will change its American Depositary Shares ratio, starting Monday to 1 ADS representing 4,000 ordinary shares, from 1 ADS representing 200 ordinary shares.
The ADS ratio change will act like a 1-for-20 reverse ADS split for ADS holders, without affecting the company's underlying ordinary shares or issuing or canceling any ordinary shares, the company said, adding that it will continue to be traded on Nasdaq Capital Market under the "TCBP" symbol.
The change requires ADS holders to exchange 20 ADSs for 1 new ADS, with fractional ADSs being aggregated and sold, and the net proceeds distributed to the applicable holders.
The ADS trading price is expected to increase proportionally, but the company cannot guarantee it will match or exceed the pre-change price, TC BioPharm said.
TC BioPharm shares were down 23% in recent trading.
Price: 0.28, Change: -0.08, Percent Change: -23.06
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