NaaS Technology Inc. Announces Completion of ADS Ratio Change
NaaS Technology announced that the change in the ratio of its American depositary shares (ADSs) to its Class A ordinary shares has become effective as of June 13, 2024.
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Rhea-AI Summary
NaaS Technology announced that the change in the ratio of its American depositary shares (ADSs) to its Class A ordinary shares has become effective as of June 13, 2024. The ratio adjustment from one ADS to ten Class A ordinary shares to one ADS to 200 Class A ordinary shares acts as a one-for-twenty reverse ADS split. This change was implemented automatically, with new ADSs issued and old ones cancelled by JPMorgan Chase Bank. Additionally, NaaS received a notice from Nasdaq indicating that its ADS closing bid price fell below the $1.00 minimum for 30 consecutive business days. The company anticipates that the new ADS ratio will boost the trading price, helping to meet Nasdaq's compliance requirements within a 180-day period.
Positive
- The ADS ratio change acts as a one-for-twenty reverse ADS split, potentially increasing the trading price.
- Implementation was automatic and handled by JPMorgan Chase Bank, ensuring a smooth transition.
- NaaS expects to regain compliance with Nasdaq's minimum bid price requirement within the 180-day compliance period.
Negative
- NaaS received a notice from Nasdaq stating its ADS closing bid price was below the $1.00 minimum for 30 consecutive business days.
- There is no assurance that the ADS ratio change will lead to sustained compliance with Nasdaq's minimum bid price requirement.
Details
News Market Reaction – NAAS
The recorded move for NAAS in the trading session of this news was -19.18%.
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The change in the ADS Ratio, from one ADS to ten Class A ordinary shares to one ADS to 200 Class A ordinary shares, had the same effect as a one-for-twenty reverse ADS split. The exchange of one new ADS for every 20 previously-held ADSs occurred automatically upon effectiveness, with the previously-held ADSs cancelled and the new ADSs issued by JPMorgan Chase Bank, N.A., the depositary bank for the Company's ADS program.
The Company also announces that it has received a letter from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") dated June 13, 2024, indicating that for the last 30 consecutive business days, the closing bid price for the ADSs was below the minimum bid price of
About NaaS Technology Inc.
NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in
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Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
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E-mail: pr@enaas.com
View original content:https://www.prnewswire.com/news-releases/naas-technology-inc-announces-completion-of-ads-ratio-change-302172202.html
SOURCE NaaS Technology Inc.
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