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Earlyworks announced the completion of a change in the ratio of its American Depositary Shares (ADSs) to ordinary shares. Effective May 16, 2024, the new ratio is one ADS representing five ordinary shares, instead of one ADS representing one share. This change aims to enhance liquidity and help meet Nasdaq's minimum bid price requirement. On the effective date, ADS holders with certificated shares were required to surrender them for cancellation and received one new ADS for every five old ones. Uncertificated ADSs were automatically exchanged. The company's ADSs continue trading under the ticker 'ELWS,' and no fractional new ADSs were issued. Instead, fractional entitlements were aggregated and sold, with net proceeds distributed to ADS holders.
Earlyworks Co., (Nasdaq: ELWS) has announced a change in the ratio of its American Depository Shares (ADS) to ordinary shares, effective May 16, 2024. The ratio will shift from one ADS representing one ordinary share to one ADS representing five ordinary shares, effectively acting as a one-for-five reverse ADS split. This change aims to support liquidity and help the company regain compliance with Nasdaq's minimum bid price requirement. ADS holders will undergo automatic exchanges or will be required to surrender their certificated ADSs for new ones. The company expects the ADS trading price to increase proportionally but cannot guarantee it. Earlyworks has also appealed a Nasdaq delisting determination, with a hearing set for June 18, 2024.
Earlyworks Co., (Nasdaq: ELWS) received a delisting determination from Nasdaq due to failure to meet the minimum bid price requirement. The company plans to request a hearing before the Nasdaq Hearings Panel to appeal the decision.
Earlyworks Co., , a Japanese blockchain technology solutions provider, reported financial results for the six months ended October 31, 2023. Revenue increased by approximately JPY 22,738 thousand, gross profit increased by approximately JPY 39,631 thousand, and net loss decreased by approximately JPY 28,393 thousand compared to the same period in 2022. The company achieved its IPO and NASDAQ listing, developed its proprietary blockchain system GLS, collaborated with NTT DOCOMO, INC., updated its revenue model, and became a co-creation business partner for MetaMe®. Total revenue increased to JPY 54,944 thousand, with a significant increase in NFT sales revenue. However, revenue from software and system development services and consulting and solution services decreased. Cost of revenue decreased due to the absence of associated costs with NFT sales. Operating expenses increased mainly due to higher general and administrative expenses and selling and marketing expenses. Cash and cash equivalents were approximately JPY 701,385 thousand, and total shareholder's equity increased by approximately JPY 271,530 thousand compared to the same period in 2022.
