aibioEvaxion Biotech (now Evaxion A/S) completes ADS ratio change, like a 1-for-5 split
Tickers EVAX
Each ADS now represents fifty ordinary shares instead of ten. The company says the change is meant to support liquidity in its ADSs on Nasdaq.
Key facts
- Company
- Evaxion A/S (NASDAQ: EVAX)
- News type
- Listings
- Primary source
- Evaxion A/S 6-K (2025-01-14)
Evaxion Biotech A/S (now Evaxion A/S) (NASDAQ: EVAX) said on January 14, 2025, that its previously disclosed change to the ratio of its American Depositary Shares (ADSs) took effect that day. Each ADS now represents fifty ordinary shares of DKK 1 nominal value. Before, one ADS represented ten ordinary shares.
For ADS holders, the company says, the change has the same effect as a one-for-five reverse ADS split. It is intended to further support liquidity in the ADSs.
The exchange of one new ADS for every five existing ADSs happened automatically on the effective date. The Bank of New York Mellon, the depositary bank, cancelled the old ADSs and issued the new ones. Holders of certificated ADSs had to surrender them to the depositary. Holders of uncertificated ADSs in the Direct Registration System and at The Depository Trust Company were exchanged automatically.
No fractional new ADSs were issued. The depositary will aggregate and sell fractional entitlements and distribute the net cash proceeds, after fees, taxes and expenses, to the holders.
The ADSs continue to trade on The Nasdaq Capital Market under the symbol "EVAX." Evaxion expects the ADS trading price to rise proportionally but says it can give no assurance of that, or of any effect on liquidity.