2023-10-06 21:02:04
Geneva (awp) – The biotech Addex wants to modify the ratio between its American Depositary Shares (ADS) certificates, listed on Nasdaq, in relation to its shares. In May, Nasdaq informed the company that its ADSs no longer met minimum requirements.
According to Addex’s plan, an ADS will in the future correspond to 120 of its own shares, the Geneva biotech indicated on Friday evening. Until now, one ADS corresponded to 6 Addex shares. The change is expected to occur on or around October 23. For ADS holders, the operation corresponds to a “reverse split” of the ADSs in a ratio of 1:20.
The adaptation aims to once once more meet the minimum requirements of Nasdaq. This notably requires a minimum value of 1 dollar per ADS. Addex shares closed at 6 cents on the Swiss Stock Exchange on Friday.
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