Core Viewpoint - Evaxion Biotech A/S plans to change the ratio of its American Depositary Shares (ADSs) from one ADS representing ten ordinary shares to one ADS representing fifty ordinary shares, effective around January 13, 2025 [1][5]. Company Overview - Evaxion Biotech A/S is a clinical-stage TechBio company that utilizes its AI-Immunology™ platform to develop vaccines targeting cancer, bacterial diseases, and viral infections [6]. - The company focuses on creating personalized vaccines and has a pipeline addressing high unmet medical needs in infectious diseases [6]. ADS Ratio Change Details - The ADS ratio change will automatically exchange every five existing ADSs for one new ADS for holders in the Direct Registration System (DRS) and the Depository Trust Company (DTC) [2][4]. - Registered holders of certificated ADSs must surrender their certificated ADSs to the depositary bank for cancellation to receive the new ADSs [4]. - The change is expected to support liquidity in the company's ADSs, functioning similarly to a one-for-five reverse ADS split [8]. Trading and Market Impact - The trading price of the ADSs is anticipated to increase proportionally due to the ratio change, although no assurance is provided regarding the exact price movement post-change [5]. - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [9].
Evaxion announces plan to implement ADS ratio change