AnPac Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) has announced its plans to change the ratio of its American Depositary Shares (ADSs) to its Class A ordinary shares. Currently, one ADS represents one Class A ordinary share, but the company intends to change it to one ADS representing twenty Class A ordinary shares. This change is expected to take effect on November 4, 2022.
The change in the ADS ratio will have the same effect as a one-for-twenty reverse ADS split for ADS holders. Registered holders of certificated ADSs will be required to surrender their ADSs for cancellation and will receive one new ADS in exchange for every twenty existing ADSs. Holders of uncertificated ADSs in the Direct Registration System (DRS) and in The Depository Trust Company (DTC) will have their ADSs automatically exchanged without taking any action. The exchange will occur automatically on the effective date, with the then-held ADSs being cancelled and new ADSs being issued.
The ADSs will continue to be traded on Nasdaq under the symbol "ANPC." There will be no change to the Company's Class A ordinary shares. Fractional entitlements to new ADSs will not be issued. Instead, they will be aggregated and sold by the depositary bank, and the net cash proceeds will be distributed to the applicable ADS holders.
As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally. However, the Company cannot guarantee that the ADS price after the change will be equal to or greater than twenty times the ADS price before the change.
AnPac Bio is a biotechnology company focused on early cancer screening and detection. It operates in the United States and China and has two certified clinical laboratories in China and one in the United States. The company offers a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. AnPac Bio's CDA technology platform has been shown to detect the risk of over 20 different cancer types with high sensitivity and specificity.
For investor and media inquiries, please contact Phil Case, Marketing and Investor Relations, at +1-267-810-6776 (US) or phil_case@AnPacbio.com. For investor relations, contact Tina Xiao, President of Ascent Investor Relations LLC, at +1-917-609-0333 (US) or firstname.lastname@example.org.
This announcement contains forward-looking statements and involves known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to be materially different from those expressed or implied by any forward-looking statement. Investors should refer to the Company's most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission for a detailed discussion of these risks and uncertainties.