Addex Announces Plan To Implement ADS Ratio Change; Current ADS Ratio Of 1 ADS To 6 Ordinary Shares To A New ADS Ratio Of 1 ADS To 120 Ordinary Shares
Portfolio Pulse from Benzinga Newsdesk
Addex Therapeutics (NASDAQ:ADXN) plans to change its American Depositary Shares (ADSs) to ordinary shares ratio from 1:6 to 1:120, effective around October 23, 2023. This change is equivalent to a 1 for 20 reverse ADS split, aimed at regaining compliance with the Nasdaq minimum bid price requirement. The company's ADSs will continue to be traded on the Nasdaq Capital Market under the ticker symbol 'ADXN'. The change is expected to proportionally increase the company's ADS trading price.
October 06, 2023 | 8:02 pm
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Addex Therapeutics is planning a reverse ADS split, which is expected to increase the trading price of its ADSs. This move is intended to help the company regain compliance with the Nasdaq minimum bid price requirement.
The company's decision to change its ADS to ordinary shares ratio is a strategic move to increase the trading price of its ADSs and regain compliance with the Nasdaq minimum bid price requirement. This could potentially attract more investors, thus positively impacting the company's stock price in the short term.
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